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Robert Rex
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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
  • FINRA Awards $1.2 Million For Diversified Lending Group Losses  0 comments
    Apr 9, 2013 5:59 PM

    A Los Angeles FINRA arbitration panel ordered MML Investors Services, LLC, a part of the Massachusetts Mutual Life Insurance financial group, and one of its brokers, Kimberly Alicia Michel, to pay a former customer over $1.2 million in damages in connection with the sale of an unregistered security issued by Diversity Lending Group (DLG).

    DLG sold over $200 million in purportedly guaranteed notes that turned out to be a fraud and was shut down by the SEC in 2009. Its creator, Bruce Friedman died while in custody in France awaiting extradition back to the U.S. to face criminal fraud charges in 2012.

    In addition to damages, the arbitration panel also the claimants costs for witness fees and depositions but did not award attorney fees.

    If you suffered losses on DLG notes you may be able to recover all or a part of those losses through FINRA arbitration. Call for a no charge consultation with an experienced securities fraud attorney.

    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.

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