Did you lose money investing with Partho Ghosh (CRD# 1983427)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Partho Ghosh. If you suffered losses investing with Partho Ghosh, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of September 17, 2020, Partho Ghosh’s FINRA BrokerCheck Report contains the following:
Disclosure Events
1 Regulatory Event(s)
See FINRA Disciplinary Proceeding No. 2016051615301 Complaint
See FINRA Disciplinary Proceeding No. 2016051615301 OHO Decision
1 Employment Separation After Allegations
UPDATE 9/17/2020: According to FINRA’s October 2019 Disciplinary Actions: “Partho Sarathi Ghosh (CRD #1983427, Princeton, New Jersey) August 29, 2019 – Ghosh appealed an OHO decision to the NAC. Ghosh was fined $25,000, suspended from association with any FINRA member in all capacities for six months and required to requalify by examination before reentering the securities industry in any registered capacity. The sanctions were based on the findings that Ghosh engaged in outside business activities without providing prior written notice to his member firm. The findings stated that during the hiring process with the firm and its affiliated insurance company, the firm instructed Ghosh to dissolve a company that he formed as a condition of joining it and its affiliate. Although Ghosh dissolved the company at the direction of the firm, a few months later he started and began conducting business activities under an identically purposed company. Ghosh was its sole owner and director. Several months after forming the new company, and just before he became registered with the firm, a firm manager discovered the company’s existence and directed Ghosh to file an outside business activity disclosure/request form. The firm required registered representatives to disclose and seek approval of outside business activities by submitting the form. This time, however, Ghosh did not immediately comply. Instead, after registering with the firm, Ghosh resisted filing the request while trying, without success, to convince firm management that the company was not an outside business activity. Meanwhile, Ghosh provided financial advice and sold the firm affiliate’s insurance products through the company. When Ghosh finally submitted the outside business activity request several months later, the firm denied it, but he continued conducting business through the company. Then within a few weeks, Ghosh resigned when the firm told him that his business model was not compatible with the firm and its affiliate’s business. The sanctions are not in effect pending the review. (FINRA Case #2016051615301 Complaint and OHO Decision)
Current and Previous Registrations
05/20/2016 – 10/07/2016 NYLIFE SECURITIES LLC (CRD#:5167) NEW YORK, NY
06/16/2003 – 11/05/2007 MMC SECURITIES CORP. (CRD#:103846) NEW YORK, NY
10/31/2002 – 06/16/2003 MARSH & MCLENNAN SECURITIES CORPORATION (CRD#:556) NEW YORK, NY
02/04/1994 – 01/31/1995 DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION (CRD#:7560)
11/06/1991 – 07/29/1993 CS FIRST BOSTON CORPORATION (CRD#:816)
11/01/1989 – 11/07/1991 SALOMON BROTHERS INC. (CRD#:740)
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Partho Ghosh and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
