Sumitro Pal of Bethesda Maryland a stockbroker formerly registered with Morgan Stanley Smith Barney is the subject of a customer initiated investment related arbitration claim in which the customer sought unspecified damages supported by accusations that the customer’s funds had been misappropriated through an investment held by the customer outside the firm’s auspices between 2013 and 2018. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03880 (Nov. 14, 2018).
FINRA Public Disclosure reveals that Pal is referenced in six more customer initiated investment related disputes pertaining to allegations of his misconduct during the time that he was associated with Morgan Stanley. In particular, on November 2, 2017, a customer filed an investment related complaint concerning Pal’s activities where the customer requested unspecified damages founded on accusations that the customer’s investment instructions had been disregarded resulting in the customer being placed in corporate debt investments that failed to conform to the customer’s objectives of preserving capital.
Subsequently, a customer filed an investment related arbitration claim involving Pal’s conduct in which the customer sought unspecified damages based upon allegations of the customer’s assets being stolen or misappropriated in regard to an investment held away from the firm from October of 2017 to February 2018. FINRA Arbitration No. 18-01715 (May 2, 2018). On May 21, 2018, another customer filed an investment related written complaint involving Pal’s activities where the customer requested unspecified damages supported by accusations that the customer’s funds were directed to outside investments and then misappropriated, causing the customer to suffer losses.
Thereafter, a customer initiated investment related arbitration claim concerning Pal’s activities was resolved for $112,500.00 in damages founded on allegations that between January 1, 2013 and August 31, 2017, misrepresentations had been made to the customer by Pal with regard to corporate debt trades placed in the customer’s account; and the customer’s assets were invested by Pal in speculative corporate bonds, causing the customer to contain an over-concentration in energy sector securities. FINRA Arbitration No. 17-02552 (Aug. 9, 2018).
Pal’s registration with Morgan Stanley has been terminated as of May 23, 2018.
