Investors in Diversified Lending Group Still Retain Right to Recover Their Losses

Posted on January 23rd, 2015 at 11:36 AM
Investors in Diversified Lending Group Still Retain Right to Recover Their Losses

From the Desk of Jim Eccleston at Eccleston Law Offices:

A class action certification bid on behalf of 212 investors who were the victims of an alleged Ponzi scheme recently was rejected by a California Superior Court.

Tony Russon, a former broker with MidAmerica and New England Financial, and other agents who worked under him at Russon Financial Services, allegedly convinced those investors to spend large sums of money with Diversified Lending Group, Inc., which was run by Ponzi schemer Bruce Friedman.

It has been alleged that MidAmerica and New England Life failed to properly supervise Mr. Russon and others while they were unlawfully convincing investors to place large sums of money with Diversified Lending Group Inc. 

In light of the fact that the class action certification effort has failed, investors now may turn to the FINRA arbitration process to bring claims to recover their losses.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Ponzi Scheme, California Superior Court, Tony Russon, MidAmerica, New England Financial, Russon Financial Services, Diversified Lending Group Inc., Bruce Friedman, FINRA

Return to Archive

TESTIMONIALS

Previous
Next

We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele

LATEST NEWS AND ARTICLES

March 14, 2025
Apex Clearing to Pay $3.2 Million in FINRA Settlement Over Securities Lending Violations

Apex Clearing, the clearing arm of Apex Fintech Solutions, has agreed to pay $3.2 million to settle FINRA allegations that it failed to ensure customers received compensation for lending their securities.

March 13, 2025
Congress Considers Expanding the Accredited Investor Definition

A recent congressional hearing examined potential reforms to the accredited investor definition, a critical threshold determining who can participate in private market investments.

March 12, 2025
GPB Capital Investors May Receive Some Compensation Under Proposed Distribution Plan

GPB Capital Holdings investors have not received returns on their investments since 2018. According to InvestmentNews, after years of litigation, a court-appointed receiver has submitted a plan to return funds to the 17,000 investors who purchased $1.8 billion in GPB limited partnerships.