Who is Brendan Ross?

Brendan Ross, 47, of La Cañada Flintridge, who founded Direct Lending Investments, LLC (DLI) in 2012, was taken into custody by special agents of the FBI. In conjunction with the unsealing of the criminal case, the United States Securities and Exchange Commission today filed a civil complaint today against Ross alleging he defrauded investors.

Why did Ross resign from direct lending investments?

A committee of senior executives at Direct Lending Investments demanded that Ross resign and relinquish control of DLI after an internal investigation uncovered his misconduct last year, according to the SEC. The agency charged the firm with multiyear fraud in March 2019.

What happened to direct lending investments?

More than two years after the SEC charged Direct Lending Investments with fraud, work is still being done to manage the fallout. The firm was placed into receivership and since then $102.83M has been distributed back to 739 investors. Overall, the Receiver expects to recover somewhere between $215M and $265M, far short of the $789.6M […]