March 5, 2009 | 7:06 pm
Posted by Adam Wills
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.
4.27.11 at 10:21 am | Interviewed on the Today Show earlier this week,. . .
2.28.11 at 7:50 pm | NPR interviews NY Magazine editor Steve Fishman. . .
2.16.11 at 10:19 am | Bernard L. Madoff said he never thought the. . .
2.16.11 at 10:18 am | In a lengthly, far reaching article based on. . .
12.11.10 at 11:21 am | Mark Madoff Found Dead
2.25.10 at 9:56 am | The Madoff family is looking for a name change. . .
2.16.11 at 10:18 am | In a lengthly, far reaching article based on. . . (222)
3.14.09 at 10:28 pm | Yes, Jim Cramer is Jewish. But-- sorry to bum. . . (16)
2.25.10 at 9:56 am | The Madoff family is looking for a name change. . . (10)
We welcome your feedback.
Your information will not be shared or sold without your consent. Get all the details.
JewishJournal.com has rules for its commenting community.Get all the details.
JewishJournal.com reserves the right to use your comment in our weekly print publication.