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.
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.”
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.
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 email@example.com 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.
- FINRA Reports That Margin Levels in Customer Accounts Have Reached All-Time Highs of More Than $722 Billion
- How to Stop Stock Loss Caused by Your Broker-Dealer
- Former LPL Financial LLC Broker, Maziar Monshi, Has Had Three Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker, John Gatto, Has Had Eight Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Wells Fargo Clearing Services, LLC Broker, Kevin Schaefer, Has Had Six Customer Complaint Disclosures Throughout His Career
- Former LPL Financial Broker, Michael Tavel, Suspended by FINRA for 18 Months After Allegedly Participating in Private Securities Transactions Away from His Member Firm
- R.F. Lafferty & Co., Inc. Broker Jay Tomlinson Suspended For Three Months and Fined After Allegations of Improperly Exercised Discretion Without Proper Authorization
- Customer Dispute Pending Against Morgan Stanley Broker and Investment Adviser Darryl Cohen for Alleged Misappropriation of Funds
- FINRA Regulatory Complaint Filed Against Investment Adviser and Former Westpark Capital, Inc. Broker, Gregory McCloskey, for Making Private Securities Transactions
- Former J.P. Morgan Securities LLC Financial Advisor, Paul Zakhary, Suspended and Fined By FINRA Over Suitability Rule Violations