Barred Broker Kitwana Thomas Made Fraudulent Reimbursement Requests

Barred Broker Kitwana Thomas Made Fraudulent Reimbursement RequestsKitwana Thomas (CRD#: 5539984) was a broker and investment advisor at Fidelity Brokerage Services in Jacksonville, Florida (2012 to 2017). In 2017, Mr. Thomas resigned from the firm after allegations that he sought and received inappropriate reimbursements.

On February 7th, 2019, the Financial Industry Regulatory Authority (FINRA) barred former Fidelity Brokerage financial advisor Kitwana Thomas from the securities industry.

According to FINRA, Mr. Thomas made fraudulent reimbursement requests. Here our securities fraud lawyers review the specific allegations against this financial advisor.

Barred Broker: Kitwana Thomas Formerly of Fidelity Brokerage Services

Fidelity sponsored a program through which its employees could receive reimbursements for personal computers and related equipment. Mr. Thomas obtained the maximum reimbursement to which he was entitled through the Fidelity program. Subsequently, FINRA contends that he used the login credentials for three other employees at the firm and purchased computer equipment on their behalf.

He then immediately returned that computer equipment. He split the proceeds of the false reimbursements with the other employees — giving them $2,300 and taking $3,700 for himself. Without admitting to or denying that he made fraudulent reimbursement requests, Kitwana Thomas consented to FINRA’s proposed sanctions: a permanent bar from the securities industry.

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