Collins Asset Group Settles Investor Class Action For $15.8M

By Brett Barrouquere (June 22, 2021, 5:32 PM EDT) -- Collins Asset Group LLC has agreed to pay $15.75 million to settle allegations from investors of Diversified Financing, LLC and Sonoqui, LLC that those entities orchestrated a scheme, in which Diversified and Sonoqui sent $24 million in retirement savings to Collins Asset Group, LLC in a deal approved Monday by a Georgia federal judge.

The agreement, which U.S. District Judge Eleanor Ross called "an extraordinary result," will repay roughly 65% of the money Diversified and Sonoqui raised from its investors as part of the alleged scam. Class members, which consisted of parties who lent money to Diversified and Sonoqui who were...

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