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The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Sumitro Pal. According to his publicly available FINRA BrokerCheck report, Sumitro Pal has been the subject of multiple customer disputes.

Sumitro Pal was a Maryland based securities broker. He worked in the securities industry for fourteen years. He spent his entire career registered with Morgan Stanley. He is not currently working as a registered securities broker.

The Allegations

  • In May 2009, a customer alleged that Sumitro Pal misrepresented an annuity the customer purchased by allegedly allowing them to believe that the annuity had a guaranteed minimum benefit rider. This case was settled for $16,100 in damages.
  • In September 2017, a customer alleged that Sumitro Pal invested his retirement money in high risk corporate bonds including an over-concentration of bonds in the energy sector. The customer also alleged that Sumitro Pal misrepresented how large the losses were. This case was settled for $112,500 in damages.
  • In May 2018, a customer alleged that Sumitro Pal misappropriated their funds for an outside investment. This case was settled for $2.5 million in damages.
  • In November 2018, another customer alleged that Sumitro Pal misappropriated their funds for an outside investment. This case is currently pending. The customer is seeking an undisclosed amount in damages.

What Does This Mean?

Securities brokers like Sumitro Pal have an obligation to their customers to always act in their best financial interests. A major part of this means that they are to fully disclose to customers exactly how they plan to invest their funds. Some less than scrupulous securities brokers often divert customer funds to invest in securities other than what they told the investor because they know the investor would not approve of what they ultimately became invested in. Doing so qualifies as misappropriation. Misappropriation is one of the most serious allegations that can be made against a securities broker. No matter what the broker is doing with the funds, they have still taken money away from their customer and used it for something other than what was directed. This act can often result in serious financial harm to the investor.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Sumitro Pal, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.