Soreide Law Group Files FINRA Arbitration Against NATIONAL SECURITIES CORPORATION and Broker

Soreide Law Group, based in South Florida, has filed a FINRA arbitration on behalf of our clients (Claimants) against:
NATIONAL SECURITIES CORPORATION and their registered representative (Respondents). 
The lawsuit claims that the Claimants, a married couple from Georgia, received a cold call from a NATIONAL SECURITIES’ broker, who had convinced them to open an account for him to manage. The lawsuit alleges that the Claimants told the broker that they were looking for diversified investments where they could achieve some growth while protecting their principal. The Claimants are not sophisticated investors and were allegedly reliant upon their broker’s advice. The Claimants allegedly followed all their brokers’ recommendations and did not follow their investments closely. The NATIONAL SECURITIES broker allegedly put the Claimants account on margin and began to trade in and out of large blocks of high-risk stocks which allegedly netted him hundreds of thousands of dollars of commission while losing over $1,000,000 of the Claimants retirement funds.
The alleged conduct by their broker, and the alleged lack of supervision by NATIONAL, is evidenced by the losses. Some of the trades placed by the broker, who allegedly never sought consent before doing so, were Mannkind Corp, Carbo Ceramics, Diamond Offshore Drilling, and Liberty Interactive Corp., to name a few. These positions were allegedly bought on margin and were categorically unsuitable for Claimants and outside of their stated risk tolerance. The lawsuit alleges that the broker excessively traded the Claimants’ accounts to generate excessively large commissions.
The lawsuit states that the Respondents’ actions have caused the Claimants alleged damages of approximately $1,000,000.00
The lawsuit allegations are as follows:  negligence, breach of fiduciary duty, negligent supervision, breach of contract, fraud, and violation of Florida’s Investor Protection Act 517.
If you also experienced losses due to the actions and/or recommendations of NATIONAL SECURITIES CORPORATION, and any of their brokers, call the South Florida-based Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses at:  888-760-6552.
Soreide Law Group represents clients nationally before FINRA and we operate on a contingency fee basis.  Let our many years of experience work for you.