Orleans Woman Sentenced for Multi-Million Dollar Fraud and Identity Theft
BOSTON – A former investment adviser from Orleans, Massachusetts, is facing the consequences of her actions after being sentenced to prison for defrauding her clients of more than $3 million.
Kimberly Kitts, 51, was sentenced by U.S. District Court Judge Denise J. Casper to 87 months in prison and three years of supervised release on May 24, 2024.
Kitts pleaded guilty in November 2018 to an Information charging her with one count of investment adviser fraud, four counts of wire fraud, and one count of aggravated identity theft. The charges stem from various schemes she used to misappropriate her clients’ assets between 2011 and 2018.
In one scheme, Kitts directed client assets to a bank account for Marquis Consulting, an entity she controlled. In another scheme, Kitts used her position as an investment adviser to divert her clients’ funds to her own account and then took the funds for her own personal use. This included cashing her clients’ annuities, transferring funds out of her clients’ brokerage accounts, and directing distributions from her clients’ Individual Retirement Accounts.
According to the U.S. Attorney’s Office, Kitts misappropriated approximately $3,085,939 from her clients.
United States Attorney Andrew E. Lelling and Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division, made the announcement today. The U.S. Securities & Exchange Commission provided valuable assistance with the investigation. Assistant U.S. Attorney Sara Miron Bloom of Lelling’s Securities and Financial Fraud Unit prosecuted the case.
Kitts’ sentence serves as a reminder of the serious consequences of committing white-collar crimes. The U.S. Attorney’s Office will continue to work tirelessly to hold individuals accountable for their actions and protect the rights of victims.
Key Facts
- State: Massachusetts
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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