Commonwealth Income and Growth Fund Vii Lp
Officers & Directors
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.
Commonwealth Income and Growth Fund Vii Lp currently has 45 employees.
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