Sumitro Pal of Bethesda Maryland a stockbroker formerly registered with Morgan Stanley is the subject of a customer initiated investment related civil action brought in a Maryland District Court where the customer sought $75,000.00 in damages founded on allegations relating to Pal’s private securities transactions while registered with Morgan Stanley Smith Barney. Civil Action No. 1:19-cv-02046-GJH (Nov. 13, 2020).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Pal has been identified in nine additional customer initiated investment related disputes containing accusations of his violative actions during the period that he was employed by Morgan Stanley. On November 2, 2017, a customer filed an investment related complaint involving Pal’s activities in which the customer requested unspecified compensatory damages supported by allegations of the failure of Pal to abide by the customer’s instructions of investing in safe securities. According to the complaint, the customer sustained damages on corporate debt investments as well as investments held in an in-house money manager account.
Pal is referenced in a customer initiated investment related written complaint on May 21, 2018 where the customer sought compensatory damages founded on allegations of misappropriation between 2017 and 2018 by Pal when he was associated with Morgan Stanley.
On June 26, 2019, a customer initiated investment related FINRA securities arbitration claim concerning Pal’s conduct was settled for $2,500,000.00 in damages based upon accusations of misappropriation by the stockbroker during the time that he was registered with Morgan Stanley Smith Barney. FINRA Arbitration No. 18-01715 (June 26, 2019). The claim alleges that the customer’s funds had been improperly used for an outside investment between October of 2017 and February of 2018.
Pal is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $1,500,000.00 in damages based upon allegations that unauthorized trades were executed in the customer’s account by Pal from 2014 to 2017. FINRA Arbitration No. 20-02173 (July 27, 2020). The claim alleges that the unauthorized trades resulted in damages on corporate debt investments.
On October 20, 2020, a customer filed an investment related arbitration claim concerning Pal’s conduct where they sought compensatory damages founded on accusations that between January of 2014 and September of 2018, the Morgan Stanley customer had been invested in unsuitable stocks and municipal debt investments because of Pal. FINRA Arbitration No. 20-03480.
On February 5, 2021, a customer initiated investment related FINRA securities arbitration claim involving Pal’s conduct was settled for $850,000.00 in damages supported by accusations that the customer’s assets were wrongly used by Pal for an outside investment between 2013 and 2018. FINRA Arbitration No. 18-03880 (Feb. 5, 2021).
Pal has been registered with Morgan Stanley between March 11, 2004 and March 23, 2018.
