Kimberly Pine Kitts, Formerly of Royal Alliance Associates in Palmer, Massachusetts, Allegedly Operated a $3 Million Investment Fraud Scheme

Kimberly Kitts, 51, and a Cape Cod investment advisor, allegedly operated a $3 million investment scheme which stole money from clients, according to Reports from the U.S. Attorney of the District of Massachusetts under review by investor rights attorney Alan Rosca.

Kitts was registered with Royal Alliance Associates, Inc. in Palmer, Massachusetts from April 8, 2004 through November 16, 2017, according to Kitts’ FINRA BrokerCheck Report. Kitts has nine disclosures on her FINRA BrokerCheck Report during her 18 years of experience in the securities industry, FINRA states.

Investor rights attorney Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Kimberly Kitts’ alleged investment scheme. Investors who believe they may have lost money in activity related to Kimberly Kitts’ alleged investment scheme are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Kimberly Kitts Allegedly Stole Funds from Seven Clients Via 82 Unauthorized Withdrawals; Kitts Barred by FINRA 

Kimberly Kitts allegedly siphoned funds from seven clients via 82 alleged unauthorized withdrawals starting in 2011, according to Reports from the U.S. Attorney of the District of Massachusetts.  

The matter came to a head when a client requested an account balance in 2017, FINRA notes.

Kitts allegedly also engaged in misappropriation of client funds by purportedly forging signatures on withdrawal requests from variable annuities and wire authorizations from client brokerage accounts, according to a Report from the State of Massachusetts.

Kitts also allegedly misdirected a client into withdrawing funds from a retirement account and redirecting them to Kitts’s bank account, according to Reports from Massachusetts.

Kitts was also barred by FINRA in any capacity on March 12, 2018 after she allegedly failed to request termination of her suspension within three months of the date of the Notice of Suspension, FINRA notes.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Kimberly Kitts’ alleged investment scheme. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Kimberly Kitts’ alleged investment scheme may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

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