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March 5, 2009 | 6:06 pm
Move over Madoff, L.A. gets its own indicted philanthropist
Posted by Adam Wills
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Bruce Friedman
Sherman Oaks-based mortgage banker Bruce Friedman, whose Friedman Charitable Foundation committed $10 million to the Children’s Museum of Los Angeles and $1 million to Brandon’s Village, a special-needs park in Calabasas, was indicted on securities fraud charges today by the Securities and Exchange Commission.
The SEC alleges Freidman, along with his two companies—Diversified Lending Group (DLG) and Applied Equities, Inc. (AEI)—perpetrated a $216 million real estate investment fraud, raising money from hundreds of investors nationwide, many of whom are seniors, promising guaranteed high returns via real estate investments.
The complaint alleges that Friedman diverted substantial investor money to ventures unrelated to real estate, and misappropriated at least $17 million to support his lavish lifestyle, including purchases of a luxury home, cars, vacations, jewelry, and designer clothing for himself and an alleged girlfriend.
The SEC has frozen DLG’s, AEI’s and Friedman’s assets.
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REMEMBER!!!
IN THIS COUNTY INNOCENT UNTIL PROVEN GUILTY… WAS IT NOT THE S.E.C. THAT LET MADOFF OPERATE UNDER THEIR NOSES FOR YEARS!
LET THE FACTS COME OUT B4 HEADLINES LIKE THIS SCARE AN ALREADY FREAKED OUT SOCIETY!
JUST MY MENTIONING MADOFF YOU CONVICT… SHAME ON YOU!
Absolutely innocent till proven guilty!!! Believe me the press will be on the bandwagon of hate, but don’t be fooled. Our illustrious government and the SEC are the bigger joke here. Let’s see what shakes out. The investors will come back in droves, after his companies are vindicated.
All these hateful comments; Hitler missed one, and on and on and on. Yes, its true there are many many jewish criminals being discovered as the tide goes out. But there are other jews, who do not seek exclusivity, work in harmany and fairness with others. their goodness and servitude to the world is testament enough. good works are good works, regardless of club membership. I think people want some sign, some star of david, or other easy identifier to help protect themselves from harm. Eventually this too shall pass.
as someone who works day in and day out with people who subscribe to Judaism, all i’ll say is that you need not look any further than beyond the fact that jews do not believe in feeling guilty.
Often, those that express guilt, are made fun of.
Innocent until proven guilty, yes… Unless you KNOW someone personally and have SEEN what they’ve done over the years. Make no mistake—this is a guilty man.
Believe me - my widowed mother lost everything she had invested with DLG - the funds are frozen - with no indication if she will ever recover one cent! SHAME ON YOU, MR. FRIEDMAN, YOU ARE AN EVIL MAN!