Soreide Law Group Files Lawsuit Against NATIONAL SECURITIES and their Registered Representative, DAVID L. MANDRA

Soreide Law Group recently filed a FINRA arbitration on behalf of our client (Claimant) against NATIONAL SECURITIES and their registered representative, DAVID L. MANDRA (CRD# 2749551).
The Claimant, a retired former law enforcement officer from Idaho who sustained a severe injury, had received a settlement for approximately $225k which he deposited with NATIONAL SECURITIES.  MANDRA, his registered representative, allegedly recommended the money be invested into two high-risk private offerings; Duos Technologies and Soup Kitchen Intl. MANDRA allegedly described Duos Technologies and Soup Kitchen Intl as safe investments, and once they go public (which he allegedly presented as a sure thing) the Claimant would get all of his money back and a profit. These investments are reserved for accredited investors. The Claimant was not accredited given that the Claimant maintains a net worth of less than $400k and an income below $100k. Despite these two investments being a total loss for Claimant, MANDRA as recently as February 2017, still allegedly continued to intentionally mislead the Claimant to believe that these two defunct positions will go public.
The lawsuit states that NATIONAL SECURITIES broker MANDRA, in addition to recommending high-risk private placement investments to a non-accredited investor, also allegedly churned the stock account of the Claimant. MANDRA would trade in and out of high risk positions and trade options with high velocity decimating the life savings of the Claimant and causing him to lose another $100k in an unsuitable high-risk strategy. The Claimant also lost over $40k in Amarin Corp in 2013.
According to the lawsuit, MANDRA was told by the Claimant that he was looking for stable investments to generate modest growth while preserving his limited principal.  The Duos Technologies and Soup Kitchen Intl investments were clearly an “alternative” investment, unsuitable for this Claimant’s portfolio.
The lawsuit states that these actions have caused the Claimant damages of approximately $210,000.00.
The lawsuit is claiming; negligence, breach of fiduciary duty, negligent supervision and breach of contract.
If you’ve suffered losses due to the actions or recommendations of NATIONAL SECURITIES and their registered representative, DAVID L. MANDRA, contact the Soreide Law Group and speak to a Securities Lawyer at no cost to you regarding the possible recovery of your investment losses at:  888-760-6552.
Soreide Law Group operates on a contingency fee basis and represents clients nationwide before FINRA.