Soreide Law Group obtained the following from the July 2017 FINRA Disciplinary Report:
V CULLEN KEMPSON III (aka V CULLEN KEMPSON, Voigt C Kempson III) CRD #1280887, Sparta, New Jersey)
was fined $5,000 and suspended by FINRA for 30 days for allegedly effecting unauthorized trades in a deceased client’s accounts.
FINRA’s findings stated that although Kempson was aware of the client’s death, he allegedly did not inform his member firm of the client’s death and allegedly continued to effect trades on a discretionary basis in the client’s accounts.
The FINRA report goes on to say that at the time the client opened their accounts, the client signed an agreement with the firm granting Kempson discretionary trading authority over the accounts. However, after the client died, Kempson did not have written authority to conduct trades in the client’s accounts.
The suspension was in effect from June 5, 2017, through July 4, 2017.
(FINRA Case #2016050476301)
According to FINRA’s BrokerCheck, V CULLEN KEMPSON III has 3 Disclosures on his report with one of the disclosures reporting him being discharged from his firm for alleged failure to provide notification to the firm of the death of two advisory clients in violation of firm policy and industry standards of conduct.
V CULLEN KEMPSON III has been registered in the securities industry for 32 years and was registered with 8 firms, his current firm since 6/14/2016 listed below:
AMERICAN PORTFOLIOS FINANCIAL SERVICES, INC.
351 Sparta Ave Suite 204
Sparta, NJ
Kempson’s previous firm was:
02/16/2007 - 06/27/2016 COMMONWEALTH FINANCIAL NETWORK - SPARTA, NJ
If you or an elderly loved one experienced losses due to the actions or recommendations of broker, V CULLEN KEMPSON III, of Sparta, New Jersey, call Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis. Let our experience work for you.
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