Sumitro Pal Allegedly Sold Unsuitable, Unauthorized Securities

Broker Sumitro Pal Purportedly Made Bad Trades In Morgan Stanley Customers' Accounts

Soreide Law Group is evaluating possible investor disputes against securities broker Sumitro Pal (CRD#: 4763364, Bethesda, Maryland). Specifically, FINRA – the financial industry watchdog – indicates that 10 or more investors complained about Pal. Notably, the majority of clients brought disputes from 2017 to 2020. These disputes indicate that Pal might have sold unsuitable and unauthorized investments to clients of Morgan Stanley, where Pal worked from 2009 to 2018. Here’s a closer look at the allegations against Pal.

Investor Indicates Selling Away Activities By Sumitro Pal While At Morgan Stanley

Evidently, an investor brought a lawsuit about Sumitro Pal in November 2020. Notably, the client indicates that Pal was selling away. This could mean that Pal sold or recommended investments without Morgan Stanley’s permission. Critically, brokers may face FINRA disciplinary action for private securities transactions. In this case, the investor asked for $75,000 to resolve the matter. This matter is ongoing.

Morgan Stanley Client Indicates That Pal Sold Unsuitable Investments

FINRA BrokerCheck shows that in October 2020, a client of Morgan Stanley brought a FINRA Arbitration Claim focused on Sumitro Pal’s actions. In particular, the client alleged that Pal sold unsuitable investments. It is possible that Pal’s stock and municipal bond trades did not match with the client’s objectives, risk tolerance or other suitability criteria. It appears that the client might have sustained damages between 2014 and 2018 because of Pal. For this reason, the client demanded compensation in this pending lawsuit.

Sumitro Pal Supposedly Makes Unauthorized Trades In Morgan Stanley Client’s Account

Notably, a client of Morgan Stanley Smith Barney (MSSB) took aim at Sumitro Pal through a July 2020 lawsuit about corporate bond trades. Namely, the client alleged that Pal made unauthorized trades from 2014 to 2017. It is possible that the client sustained losses on unapproved trades between 2014 and 2017. Because of this, the client demanded $1,500,000 from Morgan Stanley or the broker in this ongoing dispute.

Client Of Morgan Stanley Alleges Misappropriation In Dispute About Pal

Moreover, a client contested Sumitro Pal’s actions through a FINRA Arbitration Claim in November 2018. Supposedly, Pal misappropriated the client’s funds in connection with an outside investment. Apparently, the client sustained damages from 2013 to 2018. Consequently, the client demanded compensatory relief from the securities firm. This matter is ongoing.
Also, a number of past disputes about Sumitro Pal allege misappropriation. Allegations in prior disputes about Pal even include failure to supervise and misrepresentation. Approximately half of these disputed settled; the remainder were denied.

Did You Experience Losses By Investing Through Sumitro Pal?

Have you experienced losses because of Sumitro Pal? If so, contact Soreide Law Group at (888) 760-6552 and speak with us about a possible recovery of your investment losses. We represent clients on a contingency fee basis and advance all costs. The firm has recovered millions of dollars for investors who suffered losses due to their financial advisors and securities brokers. FINRA BrokerCheck indicates that Pal denies all allegations of his sales practice violations.