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SEC files civil action suit against former stockbroker Kimberly Pine Kitts (of Royal Alliance Associates) for defrauding clients out of $3 million

In July of 2018, the Securities Exchange Commission (SEC) filed a civil action suit against former Royal Alliance Associates stockbroker Kimberly Pine Kitts. The attorneys of Fishman Haygood Investment Fraud Lawyers are currently investigating possible claims against stockbroker Kimberly Pine Kitts.

FINRA (the Financial Industry Regulatory Authority) finalized Kitts’ indefinite bar from the securities industry in March of 2018. FINRA is a non-governmental regulator of securities firms that focuses on investor protection and market integrity through effective and efficient regulation of the securities industry.

Kimberly Pine Kitts worked for Royal Alliance Associates Inc in Palmer, Massachussettes from 2004 to 2017. Kimberly Pine Kitts was previously associated with ING Financial Partners.

The SEC alleges that Kimberly Pine Kitts engaged in the following misconduct: misappropriation millions of dollars worth of client funds.

Allegations from the SEC state that Kitts defrauded at multiple clients by stealing over $3 million from their investment and retirement accounts. Specifically, Kitts is alleged to have engaged in 82 unauthorized withdrawals, stealing over $3 million from at least 7 clients, and attempting to conceal these illegal activities through falsification of documents. The SEC believes that Kitts has been engaging in these schemes for 6 years and has been forging client signatures, providing false documentation, and otherwise misleading clients into withdrawing funds to make fake tax payments.

Kitts was discovered in 2017, when a client began questioning their decreasing account funds.

Kimberly Pine Kitts has been involved in 4 customer disputes to date. The most recent customer dispute reached a settlement in late 2017 for $1,969,086.57 for converting and/or misappropriating funds. Royal Alliance Associates terminated Kitts’ employment shortly after the November 2017 allegations. Kitts’ Notice of Suspension began in December of 2017 and she failed to request termination of her suspension within the allotted three month time period, resulting in her indefinite bar from the industry in March of 2018.

The first three customer disputes against Kitts predated 2013 and were either denied or closed without merit or evidence of wrongdoing.

If you invested money through Kimberly Pine Kitts, we would like to talk to you. Fishman Haygood Investment Fraud Lawyers are experienced securities litigators. We have helped hundreds of clients recover their losses that were due to broker fraud or negligence. Contact us today to discuss your options and receive a free consultation.

Fishman Haygood Investment Fraud Lawyers represents investors who have suffered investment losses in claims against their brokers or financial advisors. Our experienced attorneys have brought securities fraud cases in state and federal courts across the nation, as well as in FINRA arbitration. We work to help investors recoup their losses.

Of course, all cases are different. For that reason, we analyze each client’s matter individually and provide our personalized evaluation only after considering all of the facts and circumstances of all possible claims. If you or someone you know is the victim of securities fraud, please contact a Fishman Haygood Investment Fraud lawyer today.

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