Robert Rex's  Instablog

Robert Rex
Send Message
This blog is written by Robert H. Rex, Esq. who is a securities attorney and a passionate advocate for investors rights. With over 30 years of legal experience, 25 of which have dealt almost exclusively with the recovery of stockmarket and investment losses for mostly elderly clients, he and his... More
My company:
Rex Securities Law
My blog:
Rex Investment Loss Recovery Blog
  • MML Investors Services Loses $1.1 Million In FINRA Arbitration 0 comments
    Apr 2, 2013 2:28 PM

    A FINRA arbitration panel ordered MML Investors Services, a MassMutual company, and Karen Michel, a former MML branch manager to pay a California investor $1.1 million for losses suffered on an unregistered investment that was part of a ponzi scheme.

    Steven Corzan, the former MML broker, sold the investor $1.2 million in promissory notes issued by Diversity Lending Group, Inc. (DLG). On the advice of the broker, the purchase was financed using equity from the family home and retirement plan funds. The investor was told that DLG, run by Bruce Friedman, was a real estate investment but it turned out to be a fraud that was shut down by the Securities and Exchange Commission in 2009.

    Corzan was barred from the industry by FINRA earlier this year.

    In addition to the $1.1 award, the panel also awarded the investor expert witness fees and other costs to the investor, however they denied the request for attorney fees.

    Brokerage firms have a duty to supervise the brokers that work for them to assure that they make suitable and legitimate investment recommendations. Investors who have suffered losses due to the negligence or fraud of their broker may be able to recover all or a part of their losses through FINRA arbitration.

    If you have questions about the way your brokerage account has been handled, call for a no charge consultation with an experienced securities fraud attorney.

    Nationwide representation.

    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Back To Robert Rex's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.