FINRA Permanently Bars Kimberly Pine Kitts After Allegations

Kimberly Pine Kitts (CRD #2768200) is a previously registered broker and investment advisor, last employed with Royal Alliance Associates Inc., (CRD #23131) from 2004 through 2017. In the industry since 1993, she was previously employed with ING Financial Partners, Inc. (CRD #2882) in Des Moines, IA, and Forum Fund Services, LLC (CRD #46106) in Portland, ME, among others.

Kitts was discharged from Royal Alliance on 11/15/2017 when the firm received a letter from the attorney of one of her clients. This letter alleged “conversion or misappropriation of funds” on Kitts’ part.

On 12/8/2017, FINRA requested information from Kitts regarding her termination from Royal Alliance. She failed to respond to the request, and was suspended for three months. When she failed to request her suspension to be ended, FINRA permanently barred Kitts, effective 03/12/2018. Kitts is not allowed to have any association with any FINRA member in any capacity.

A similar complaint was filed against Pitts on 11/7/2017, with the same allegations of conversion or misappropriation of funds. The case was settled by the firm for a total of $1,969,086.67.

Two previous customer disputes were denied. The first, on 4/10/2012, requested damages of $24,778.00, and alleged that if Kitts had used a different strategy, the account would have not suffered losses. Kitts rebutted that the client received a “hypothetical report from his new advisor that shows in hindsight how much better his account could have performed in 2008 and 2009 had the client’s funds been invested using the new advisor’s investment strategies.”

The second denied claim was on 6/22/2010, requested damages of $44,000, and alleged that “annuity exchanges were not in the customer’s best interest and resulted in a loss of death benefit and account value.” The firm found that the claim was without merit.

Stockbrokers stand in a unique position of trust to their clients’ stories of broker theft and elder financial abuse are routinely reported.  If you believe money is missing from your portfolio or your financial advisor improperly took money, you should seek immediate counsel.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t pay any legal fees unless we’re successful and recover your money.