Financial adviser pleads guilty to cheating clients of $3M
BOSTON (AP) — A Massachusetts investment adviser has pleaded guilty to defrauding her clients of more than $3 million and using the money for vacations, luxury vehicles and other personal expenses.
Federal prosecutors say 51-year-old Kimberly Kitts, of Orleans, pleaded guilty Monday to investment adviser fraud, wire fraud and aggravated identity theft. Sentencing was scheduled for March 20.
Authorities say starting in 2011 Kitts engaged in various schemes to misappropriate her clients’ assets. In one scheme, she directed client assets to a bank account for Marquis Consulting, an entity she controlled. In another, she cashed her clients’ annuities, transferred funds out of her clients’ brokerage accounts and directed distributions from her clients’ Individual Retirement Accounts.