David Mandra, a registered broker with National Securities, allegedly recommended that at least one client invest in two high-risk private offerings, Duos Technologies and Soup Kitchen International. Mandra allegedly touted the investments as “safe,” and a “sure thing,” and told the client that he would get his money back and make a profit once the companies went public. This investment was for accredited investors only, which the client was not. His net worth and income were below the level for an accredited investor. Mandra allegedly continued to intentionally mislead the client to believe that the two defunct positions would go public. Mandra was also accused of allegedly churning the stock of the customer. He traded in and out of high-risk positions and trade options. This can sometimes be referred to as excessive trading and is a tactic used by brokers to make large commissions. It is against securities laws. The claimant is alleging negligence, breach of fiduciary duty, negligent supervision and breach of contract.
According to his online BrokerCheck report with the Financial Industry Regulatory Authority (FINRA), Mr. Mandra was registered with LCP Capital Corp, Prime Capital Services, International Securities Corp, Joseph Stevens & Company, National Securities Corp in Morristown, New Jersey from April 2008 until October 2011 and Wunderlich Securities. He is currently registered with National Securities Corp in Eatontown, New Jersey and has been since January 2013. He has one customer dispute against him. Please call us today for a free consultation as to whether you may be able to bring a claim against National Securities Corp for Mandra losses. 312-332-4200.
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