Kimberly A. Springsteen-Abbott, Kimberly A. Springsteen-Abbott, age 56, joined
Commonwealth in April 1997 as a founding registered principal and Chief Compliance
Officer of its broker/dealer, Commonwealth Capital Securities Corp. Ms. Springsteen-Abbott
is the Chief Executive Officer and Chairman of the Board of Directors of Commonwealth
Capital Corp. (the parent corporation); Commonwealth Capital Securities Corp.
(the broker/dealer); and Commonwealth Income & Growth Fund, Inc. (the General
Partner), positions she has held since April 2006. Ms. Springsteen-Abbott is
responsible for general operations of the equipment leasing/portfolio management
side of the business. Ms. Springsteen-Abbott oversees all CCC operations, as
well as CCSC SEC/FINRA compliance. For the broker/dealer, she oversees securities
policies, company procedures/operations. Ms. Springsteen-Abbott oversees all
corporate daily operations and training, as well as develops long-term corporate
growth strategies. Ms. Springsteen-Abbott has over 27 years of experience in
the financial services industry, specifically in the real estate, energy and
leasing sectors of alternative investments. Ms. Springsteen-Abbott is the sole
shareholder of Commonwealth Capital Corp. Ms. Springsteen-Abbott was elected
to the Board of Directors of the parent corporation in 1997 and has also served
as its Executive Vice President and COO. Also in 1997, she founded Commonwealth
Capital Securities Corp., where she was elected to the Board of Directors and
appointed President, COO and Chief Compliance Officer. Her responsibilities
included business strategy, product development, broker/dealer relations development,
due diligence, and compliance. From 1980 through 1997, Ms. Springsteen-Abbott
was employed with Wheat First Butcher Singer, a regional broker/dealer located
in Richmond, Virginia. At Wheat, she served as Senior Vice President & Marketing
Manager for the Alternative Investments Division. Ms. Springsteen-Abbott holds
her FINRA Series 7, 63 and 39 licenses. She is a member of the Equipment Leasing
and Finance Association, the Financial Planners Association, the National Association
of Equipment Leasing Brokers, REISA and has served on the Board of Trustees
for the Investment Program Association. Ms. Springsteen-Abbott is a member of
the Executive Committee and the Disaster Recovery Committee. Ms. Springsteen-Abbott
is the wife of Henry J. Abbott.
Henry J. Abbott, age 65, joined Commonwealth in August 1998 as a Portfolio Manager,
a position he held until April 2006, at which time he was elected President
of CCC and CIGF, Inc., Executive Vice President of CCSC, and Director of CCC
and its affiliates. Mr. Abbott is a registered principal of the broker/dealer.
Mr. Abbott is responsible for lease acquisitions, equipment dispositions and
portfolio review. Additionally, Mr. Abbott is also responsible for oversight
of residual valuation, due diligence, equipment inspections, negotiating renewal
and purchase options and remarketing off-lease equipment. Mr. Abbott serves
as senior member on the Disaster Recovery Committee and the Facilities Committee,
and was appointed to the Executive Committee in 2008. Prior to Commonwealth,
Mr. Abbott has been active in the commercial lending industry, working primarily
on asset-backed transactions for more than 30 years. Mr. Abbott attended St.
John’s University and holds his FINRA Series 7, 63 and 24 licenses. Mr.
Abbott was a founding partner of Westwood Capital LLC in New York, a Senior
Vice President for IBJ Schroeder Leasing Corporation and has managed a group
specializing in the provision of operating lease finance programs in the high
technology sector. Mr. Abbott brings extensive knowledge and experience in leasing
and has managed over $1.5 billion of secured transactions. Mr. Abbott is a member
of the Equipment Leasing and Finance Association, the National Association of
Equipment Leasing Brokers, REISA and the Investment Program Association. Mr.
Abbott is a member of the executive committee and the Disaster Recovery Committee.
Mr. Abbott is the husband of Kimberly A. Springsteen-Abbott.
Lynn A. Franceschina , age 44, joined Commonwealth in 2001 as Vice President
and Accounting Manager. In October 2004 she became Controller and Senior Vice
President, and since April 2006 has served as Executive Vice President of CCC
and CIGF, Inc., Senior Vice President of CCSC, and Chief Operations Officer
of CCC, CCSC, and CIGF, Inc. and certain of its affiliates. She was named as
a director of CCC and its affiliates in June 2006, resigning from this position
as of November 2012 for which an 8-K was filed. Ms. Franceschina is responsible
for daily operations, including oversight of all accounting, financial reporting
and tax functions and human resources. During the period of March 2004 to October
2004, Ms. Franceschina was employed at Wilmington Trust Corp. where she was
part of the policies and procedures team responsible for Sarbanes-Oxley documentation.
Prior to joining Commonwealth, Ms. Franceschina was the Business Controls Manager
for Liquent, Inc., a leading software developer, where she was responsible for
managing corporate forecasting and analysis, as well as the budgeting for the
sales and marketing division. From 1999 to 2000, she served as a Senior Financial
Analyst for Environ Products, and from 1994 to 1999, she was a Senior Accountant
with Duquesne University. Prior to joining Duquesne University, Ms. Franceschina
was an accountant with the public accounting firm of Horovitz, Rudoy, &
Roteman. Ms. Franceschina is a Sigma Beta Delta graduate of Robert Morris University,
during which time she also served as treasurer of her Alpha Chi national honor
society chapter. Ms. Franceschina holds her FINRA Series 22, 63, 39 and 99 licenses.
She is a member of the Disaster Recovery Committee, the Equipment Leasing and
Finance Association, Investment Program Association, REISA and the Institute
of Management Accountants.
Jay Dugan, age 67, joined Commonwealth in 2002 as Assistant Vice President and
Network Administrator, and became a Vice President in December 2002, Senior
Vice President in December 2003, and has been Executive Vice President and Chief
Technology Officer of the parent and its affiliates since December 2004. Mr.
Dugan has also been a director of CCC and CIGF, Inc. since June 2006. Mr. Dugan
is responsible for the information technology vision, security, operation and
ongoing development, including network configurations, protection of corporate
assets and maximizing security and efficiency of information flow. Prior to
Commonwealth, Mr. Dugan founded First Securities USA, a FINRA member firm, in
1988 and operated that firm through 1998. From 1999 until 2002, Mr. Dugan was
an independent due diligence consultant until he came to Commonwealth to develop
that area of the firm. Mr. Dugan attended St. Petersburg College and holds an
AS Degree in Computer Networking Technology. Mr. Dugan is a Microsoft Certified
Systems Engineer, Microsoft Certified Database Administrator and Comp-Tia Certified
Computer Technician. Mr. Dugan is a senior member of the Disaster Recovery Committee,
as well as oversight member of the Website Committee.
Peter Daley, age 75, joined Commonwealth in June 2006 as a director. Mr. Daley
is an Accredited Senior Appraiser for the discipline of Machinery and Equipment
with a specialty in High-Technology for the valuation of computer equipment.
Mr. Daley has been in the computer business since 1965, first with IBM as a
computer broker/lessor and then with Daley Marketing Corporation (DMC), a firm
he founded in July 1980 to publish reports about computer equipment, including
“Market Value Reports” and “Residual Value Reports.”
In January 2001 Mr. Daley acquired Computer Economics, merged DMC into CEI and
in April 2005 sold the IT Management Company and created a new company focused
on the fair market value business. Additionally, Mr. Daley remains President
of DMC Consulting Group, a separate company that specializes in writing Appraisals,
Portfolio Analysis and Property Tax Valuation from Fair Market Value to Residual
Value valuations. Mr. Daley has developed a database of “Fair Market Value”
equipment values from 1980 to the present, utilizing a variety of reports and
publications along with the DMC and CEI Market Value Reports. This database
has been successfully used in the valuation of computer equipment in the settlement
of a number of Virginia tax cases. He has also previously testified in California,
Minnesota, Michigan, New York, and the Virginia Courts as an expert in the field
of valuation of computer equipment. Mr. Daley has a full repertoire of lectures,
seminars, presentations, and publications that he has conceived and shared with
the public. From 1994 to present he has been writing computer appraisals and
reports for Fortune 500 companies. From April 2005 to present as president of
DMC Valuations Group, Mr. Daley has been publishing, both on the web and in
print, fair market values, residual values, and manufacturer’s price lists
to existing valuation clients around the world. Mr. Daley graduated from Pepperdine
University in 1991 with a Masters of Business Administration, and from Cal State
Northridge with a Bachelor of Science in Business Administration in 1965. Mr.
Daley is also an Accredited Senior Appraiser with the American Society of Appraisers.
James Pruett, age 50, joined Commonwealth in 2002 as an Executive Assistant.
Mr. Pruett was named Assistant Vice President and a Compliance Associate in
February 2005, Vice President and Compliance Manager in December 2005 and since
December 2007 has served as Senior Vice President and Compliance Officer of
the parent and its affiliates. Mr. Pruett was also named Secretary to the parent’s
board of directors in December 2008. Mr. Pruett is responsible for management
of regulatory policies and procedures, assisting in compliance internal audit,
associate regulatory filings, broker/dealer registrations, state and broker/dealer
financial regulatory reporting requirements. Mr. Pruett assists in the management
of shareholder records and updates. Mr. Pruett is a member of the Website Committee
and the Disaster Recovery Committee. Mr. Pruett holds his FINRA Series 22, 63
and 39 licenses. Prior to joining Commonwealth, Mr. Pruett served as Managing
Editor/Associate Publisher for Caliber Entertainment, a publishing and entertainment
licensing company. Mr. Pruett’s responsibilities included oversight of
production of publishing library, as well as serving as Editor-in-Chief for
all publications and additionally served as Media Relations Liaison. Mr. Pruett
is a member of the Equipment Leasing Association and Finance and the Investment
Program Association.
Mark Hershenson, age 50, joined Commonwealth in April 2002 as Broker Services
Manager and has served as Senior Vice President and Broker Dealer Relations
Manager of the parent and its affiliates since December 2007. Mr. Hershenson
is responsible for management of all broker/dealer relationships, and over-sees
the Due Diligence, Marketing, and Broker Services Departments. Prior to Commonwealth,
Mr. Hershenson served as part of a financial planning practice at American United
Life from 1999 through 2002. He has written a book for the Florida Insurance
Commissioner on how to sell insurance products. Additionally, in 1991 through
1998, Mr. Hershenson served as sales trainer at MetLife for over 100 registered
representatives. Mr. Hershenson attended Stonehill College and holds a Bachelor’s
degree in Psychology, with a concentration in Marketing/Organizational Behaviorism
and engaged in Master’s level coursework in Financial Planning though
American College. He holds his FINRA Series 6, 7, 39 and 63 licenses. Mr. Hershenson
is a member of the Equipment Leasing and Finance Association and the Investment
Program Association.
David W. Riggleman, age 53, joined Commonwealth in July 2007 as a Business Development
Specialist and was named Assistant Vice President in December 2007, Portfolio
Manager in June 2008, Vice President of CCC and CIGF, Inc. in December 2008,
and as Senior Vice President in December 2010. Mr. Riggleman is responsible
for lease acquisitions, equipment research and evaluation, lease pricing, portfolio
analysis, and asset remarketing and disposition. Prior to joining Commonwealth,
Mr. Riggleman served from January 2005 to July 2007 as Vice President, Investments
for Raymond James and Associates in Cumberland, Maryland. At Raymond James,
he served as a Branch Owner in the Advisor Select Program. He managed branch
associates in addition to managing private client accounts with more than $75
million in assets under management. From July 1994 to December 2004, Mr. Riggleman
was Vice President, Investments and Branch Manager at Legg Mason. While there,
he opened and managed a branch while also managing private client and institutional
assets with assets under management of more than $65 million. He served as a
member of Legg Mason President’s Council in 1998 and served consecutive
terms as member of Legg Mason’s Financial Services Advisory Panel in 1999
and 2000. From January 1987 to June 1994, he was Vice President, Investments
of Wheat First Securities, where he managed private client and institutional
assets totaling more than $40 million. Mr. Riggleman studied Economics at the
University of Richmond, and also Business Administration at Frostburg State
University.
