Lamoreaux v. MML Investors, FINRA ID # 10-04047 (Los Angeles, CA, 3/27/2013) - A Los Angeles Financial Industry Regulatory Authority ("FINRA") arbitration panel has entered an award against MML Investors Services, LLC ("MML") in favor of its customer, Ms. Lamoreaux. The Panel awarded $1,120,000 in compensatory damages to Ms. Lamoreaux, who invested in an unregistered security.
Allegedly, an MML broker, convinced Ms. Lamoreaux, and her late husband, to invest $1.2 million, from their home equity and a profit sharing plan, in promissory notes issued by Diversified Lending Group, Inc. ("DLG"). Reportedly, DLG was a $228 million Ponzi scheme, according a Complaint filed by the Securities and Exchange Commission in 2009.
Ms. Lamoreaux sued MML in 2010 for breach of fiduciary duty, negligence, violation of California securities laws and breach of contract for allegedly not supervising her broker, and for allowing him to sell them the DLG notes. FINRA found in favor of Ms. Lamoreaux and awarded her $1,120,175, plus fees and costs.
If you or a family member have experienced losses through MML Investors or other broker/dealers through the purchase of DLG promissory notes, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses at 888-760-6552.
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