The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Kimberly Kitts. According to her publicly available FINRA BrokerCheck report, Kimberly Kitts has been the subject of multiple customer disputes.
Kimberly Kitts was a Massachusetts based securities broker. She worked in the securities industry for eighteen years. During her career, she was registered with six different securities firms. She is no longer working as a registered securities broker in any fashion.
Her Registrations
- Jackson National Financial Services (1997-1998)
- New England Securities (1998-1999)
- PFPC Distributors (1999-2001)
- Forum Fund Services (2002)
- ING Financial Partners (2003-2004)
- Royal Alliance Associates (2004-2017)
The Allegations
In July 2018, Kimberly Kitts was officially sanctioned by the United States Securities and Exchange Commission. The findings in this matter state that she defrauded multiple investors by literally stealing over $3 million from their retirement accounts. She allegedly engaged in a six-year scheme to steal money from their accounts by forging their signatures to wire funds from their brokerage accounts into accounts she controlled. She did this by manipulating these investors into believing the withdrawals were necessary to make non-existent tax payments. She also allegedly falsified account statements and other financial documents. The alleged scheme finally came to a halt in 2017 when one of the account holders began to question the dwindling balance. According to the findings, Kimberly Kits made 82 unauthorized withdrawals from her customers’ retirement accounts. She allegedly used the stolen funds to pay for vacations and purchase multiple luxury vehicles. Due to these alleged actions, Kimberly Kitts was forced to pay $2,882,221 in disgorgement. She was barred by FINRA from acting as a securities broker in any fashion and was terminated from her position at Royal Alliance Associates in 2017 when the allegations first came to light.
What Does This Mean?
Converting a customer’s funds is one of the most blatant forms of fraud a securities broker could ever commit against an investor. Securities brokers who commit this heinous act work toward eroding the trust between investors and brokers. When investors hear stories of brokers literally stealing their customers’ money, it makes them worry that something like that could happen to them, and makes them think twice about trusting a securities broker with their life savings.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Kimberly Kitts, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
