Former Morgan Stanley Broker Sumitro Pal Investment Loss Options
Posted on Monday, February 8th, 2021 at 8:31 pm
There are options for clients of former Morgan Stanley broker Sumitro Pal (CRD# 4763364) who suffered investment losses. Pal has been registered with Morgan Stanley in Bethesda, Maryland from 2009 to 2018.
Pal has been the subject of 10 customer complaints between 2009 and 2020, three of which were denied, according to his CRD report. Recent complaints are regarding:
November 2020. “Claimant alleges, inter alia, selling away with respect to investments – Oct, 2007.” The customer is seeking $75,000 in damages and the case is currently pending.
October 2020. “Claimants allege, inter alia, unsuitability with respect to investments – Jan, 2014 – Sep, 2018.” The case is currently pending.
July 2020. “Plaintiff alleged, inter alia, unauthorized trading with respect to investments 2014 – 2017.” The customer is seeking $1,500,000 in damages and the case is currently pending.
November 2018. “Claimant alleged, inter alia, Misappropriation of funds for an outside investment – 2013 to Feb 2018.” The case is currently pending. The complaint was regarding a non-broker-dealer affiliated product.
May 2018. “Claimant alleged, inter alia, Misappropriation of funds for an outside investment – Oct 2017 to Feb 2018.” The case was settled for $2,500,000.
September 2017. “Claimant alleged that the FA invested his retirement money in high risk corporate bonds including an over-concentration of bonds in the energy sector and also that the FA misrepresented the losses of his investments. 01/01/2013-08/31/2017.” The case was settled for $112,500. The complaint was regarding corporate debt.
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, Morgan Stanley may be liable for investment or other losses suffered by Pal’s 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.