KIMBERLY PINE KITTS, Formerly with Royal Alliance Associates, Charged in $3 Million Fraud

KIMBERLY PINE KITTS (CRD#: 2768200), a 51 year-old financial advisor from Massachusetts, was charged with defrauding multiple clients of  over $3 million from the client investment and retirement accounts, according to the SEC complaint filed in federal court.
Kitts was formerly with Royal Alliance Associates of Palmer, Massachusetts, which does business as Marquis Consulting, which Kitts created and controlled. She resides in Orleans, Massachusetts.
KIMBERLY PINE KITTS, according to the SEC, allegedly misappropriated client funds by forging signatures on withdrawal requests from variable annuities and wired funds from client brokerage accounts. Kitts, according to the complaint misled her clients by having them withdraw funds to make what she had allegedly told them were tax payments but she then directed the money into her own personal account.
KIMBERLY PINE KITTS, according to the SEC, allegedly stole funds from 7 clients through 82 unauthorized withdrawals beginning in 2011 until a client questioned Kitts about her account balance in 2017. Kitts allegedly used the money for personal expenses, which included vacations and several luxury vehicles. According to the SEC, Kitts tried to conceal the fraud by falsifying account statements and other documentation.
FINRA barred KIMBERLY PINE KITTS in March of 2018 from acting as a broker or otherwise associating with a broker-dealer firm.  According to FINRA’s BrokerCheck, which is available to the public on FINRA’s website, Kitts has 7 Disclosures on her report. One of those Disclosures is a “Customer Dispute” dated 11/7/2017 and the allegations were “advisor converted and/or misappropriated funds.” The settlement amount listed on FINRA’s BrokerCheck is, $1,969,086.67.
KIMBERLY PINE KITTS was with Royal Alliance from April 2004 to November 2017. Kitts was discharged November 15, 2017, after the accusations of misappropriating client funds, according to FINRA’s BrokerCheck.
The SEC is seeking a permanent injunction which would keep Kitts from violating federal laws and disgorgement of the alleged ill-gotten gains plus prejudgment interest and civil penalties.
If you've suffered financial losses due to the actions or recommendations of KIMBERLY PINE KITTS, formerly with Royal Alliance Associates of Palmer, Massachusetts, which does business as Marquis Consulting, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the recovery of your investment 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, no fee if no recovery.