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MML Investors Services Hit with $1.2M Award on Diversified Lending Group Notes

MML Investors Services Hit with $1.2M Award on Diversified Lending Group Notes 150 150 Rex Securities Law

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 , located in Boca Raton, FL, provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

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