Kimberly Kitts, Royalty Alliance, Reportedly Barred after Guilty Plea
Have you suffered losses investing with former financial advisor Kimberly Kitts in Cape Cod, MA? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses through FINRA arbitration.
According to an administrative SEC order on June 6, the regulator has reportedly barred former financial advisor Kimberly Kitts from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.
According to the SEC, Kitts allegedly stole $3,000,000 from her clients by purportedly forging their signatures on withdrawal requests from variable annuities, forging signatures to wire funds from client brokerage accounts, and misleading clients into withdrawing funds to make fake tax payments. During the course of six years, Kitts purportedly made 82 withdrawals from seven clients’ accounts and allegedly used the money to buy several luxury automobiles and vacations for herself.
Kitts reportedly pleaded guilty to charges filed by the U.S. Attorney for the District of Massachusetts, on November 19, 2018, of wire fraud, investment adviser fraud, and aggravated identity theft.She was reportedly sentenced to 87 months in prison and ordered to pay $3,085,939 in restitution.
According to Kitts’ FINRA BrokerCheck report, she was reportedly registered with Royal Alliance Associates in Palmer, MA from April 2004 until she was dismissed in November 2017 following allegations of fund misappropriation.
Securities Fraud Lawsuits
The White Law Group continues its investigation regarding the liability that her former employers may have for failure to properly supervise Kitts’ alleged activities.
Brokerage firms that fail to monitor their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Kimberly Kitts, the securities fraud attorneys of The White Law Group may be able to help. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.
[maxbutton id=”1″ ]Tags: Kimberly Kitts, Kimberly Kitts Cape Cod, Kimberly Kitts financial advisor, Kimberly Kitts fraud, Kimberly Kitts complaints, Kimberly Kitts FINRA lawsuit, Massachuetts securities attorney, securities fraud lawyer Last modified: June 10, 2019