| The Securities and Exchange Commission (SEC) filed an enforcement action charging a Cape Cod-based investment advisor with fraud. Kimberly Pine Kitts is charged for defrauding multiple clients by stealing over $3 million from their investment and retirement accounts.
Kitts allegedly stole the money over a period of six years, forging client signatures on withdrawal requests and wiring funds to brokerage accounts. She also mislead her clients to transfer and wire money as well as make fake tax payments. These 82 unauthorized withdrawals totaled $3 million from seven clients.
The stolen money was used for vacations, luxury vehicles and other personal expenses.
