Investment Advisor Charged with Fraud

BOSTON – A local investment adviser has been charged with defrauding multiple clients over a six year period for a total of over $3,000,000, she worked with clients in the Cape Cod area.

According to a complaint filed by the Securities and Exchange Commission, Kimberly Pine Kitts engaged in a six year scheme to steal money from client accounts by forging client signatures on withdrawal requests from variable annuities , forged signatures to wire funds from client brokerage accounts, and misled clients into withdrawing funds to make fake tax payments. Kitts continued this practice until 2017 when a client questioned Kitts about the dwindling balance in her account.

Through 82 unauthorized withdrawals, Kitts stole more than three million dollars from from 7 clients then tried to conceal her fraud through falsified account statements and other documentation. Kitts used the money she stole for personal expenses , including paying for vacations and luxury vehicles, the SEC said.

The complaint alleges Kitts violated several sections of SEC codes and is seeking injunctions, civil penalties and disgorgement plus interest.

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