Erez Law is currently investigating former Royal Alliance Associates, Inc. financial advisor Kimberly Kitts (CRD# 2768200) regarding misappropriated funds. Kitts was registered with Royal Alliance Associates, Inc. in Palmer, Massachusetts from 2004 to November 2017, when she was terminated regarding, “Correspondence was received from a client’s attorney alleging a conversion or misappropriation of funds.”
In March 2018, Kitts was barred by FINRA after she failed to respond to FINRA request for information.
Kitts has been the subject of four customer complaints between 2008 and 2017, two of which were denied and one was closed without action, according to her CRD report:
November 2017. “The client’s counsel alleged that the advisor converted and/or misappropriated funds.” The case was settled for $1,969,086.67.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Royal Alliance Associates, Inc. may be liable for investment or other losses suffered by Kitts’ customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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