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Former Employees Win Back Pay Judgments against EDF Resource Capital

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December 18, 2013

By Bob Coleman
Editor, Coleman Report

FrankDinsmoreOne year ago, the nation’s second largest SBA 504 lender closed its doors after SBA seized its portfolio.

60 employees lost their jobs the week before Christmas.

After failing to have SBA’s actions overturned in federal court, little has been heard from Frank Dinsmore. Until recently.

The Sacramento Business Journal reports nine former employees have won judgments totaling $261,000 for back pay.

The company’s attorney told the Journal “Frank Dinsmore would love to pay every penny to all his former employees, but all the accounts and all the assets of the company remain frozen by the SBA.”

And Frank is not going quietly into the night,. His attorney promises “a civil claim against SBA for the sudden closure of the business last year.”

Read the Sacramento Business Journal reporting here.

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