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.
JOHN LAWRENCE ALEX (JOHN L ALEX) has been registered both as a broker and financial advisor with MORGAN STANLEY of Morristown, New Jersey, since11/15/2011. According to FINRA’s BrokerCheck, available to the public on FINRA’s website, JOHN L ALEX has 36 years of experience in the securities industry and has been registered with 4 firms. Alex […]
JOSEPH KELLY (JOE KELLY) has been registered as a broker with VCS VENTURE SECURITIES of New York, NY since 6/17/2026. He was previously registered with SPARTAN CAPITAL SECURITIES LLC of New York, NY from 01/13/2017 - 12/18/2024. According to FINRA’s BrokerCheck, available to the public on FINRA’s website, JOSEPH KELLY has 21 years of experience […]
Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against: CENTAURUS FINANCIAL, INC (Respondent). The Claimants reside in Arizona and are retired. The Claimants were seeking stable investments that would provide them with income. The lawsuit states that the Claimants have a long-standing relationship with CENTAURUS FINANCIAL and its Financial Advisor, […]
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