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Kimberly Pine Kitts, Previously Barred By FINRA, Now The Subject Of An SEC Complaint

The Wolper Law Firm is currently investigating claims against Kimberly Pine Kitts, a former Financial Advisor at Royal Alliance Associates in Palmer, Maine.  Kimberly Pine Kitts has been in the securities industry since the 1990s and previously worked for ING Financial Partners.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on December 8, 2017, Kimberly Pine Kitts was barred by FINRA after failing to respond to a subpoena, requesting information regarding her sales practices.

https://brokercheck.finra.org/individual/summary/2768200#disclosuresSection

In addition, on July 19, 2018, the Securities and Exchange Commission (SEC) filed a complaint against Kimberly Pine Kitts, alleging that she “defrauded multiple clients by stealing over three million dollars from their investment and retirement accounts.”  It is further alleged that Kimberly Pine Kitts forged client signatures on “withdrawal requests from variable annuities.”

https://www.sec.gov/litigation/litreleases/2018/lr24208.htm

Kimberly Pine Kitts has a long history of customer complaints, including four customer complaints filed between 2008-2017.

  • November 2017—“The client’s counsel alleged that the advisor converted and/or misappropriated funds.” The matter was settled for $1.96 million.
  • April 2012—Customer “alleges poor recommendations/advice from the registered representative.” The matter was settled for $24,778.
  • June 2010—“Customer alleges that annuity exchanges were not in the customer’s best interest.” Alleged damages were $44,000.
  • December 2008—“Customers allege that Ms. Kitts failed to execute an order to liquidate their accounts.” Alleged damages were $180,000.

https://brokercheck.finra.org/individual/summary/2768200#disclosuresSection

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives.  Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

If you or someone you know was a customer of Kimberly Pine Kitts, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@67.43.6.64 to discuss your specific situation and the legal options available.  The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyers who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]