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Investor Alleges Sanjay Patel Failed to Supervise

Mar 3, 2023 Failure to Supervise

Sanjay Patel (CRD #: 2442015), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, is involved in a pending investor dispute, according to his BrokerCheck record, accessed on February 22, 2023. Keep reading if you want to know more about his alleged conduct as a broker.

Investor Dispute

In a dispute filed on December 23, 2022, an investor alleged that Sanjay Patel failed to supervise from August to November 2021. The client seeks $250,000 in damages in this pending dispute.

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish supervisory systems to ensure their compliance with securities regulations. Firms must appoint supervisors and provide them with Written Supervisory Procedures (WSPs) to follow.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of many other rules may also qualify as violations of FINRA Rule 2010.

Background Information

Sanjay Patel has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 10 – General Securities Sales Supervisor – General Module Examination
  • Series 9 – General Securities Sales Supervisor – Options Module Examination

Sanjay Patel is a registered broker in 50 states as well as the District of Columbia, Puerto Rico, and Virgin Islands. He is also a registered investment adviser in New York, North Carolina, and Texas.

Kurta Law Can Help

If you worked with Sanjay Patel and you have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.