{"id":8411,"date":"2009-03-05T15:15:04","date_gmt":"2009-03-05T23:15:04","guid":{"rendered":"http:\/\/lukeford.net\/blog\/?p=8411"},"modified":"2009-03-05T15:15:04","modified_gmt":"2009-03-05T23:15:04","slug":"la-jewish-philanthropist-indicted-for-fraud","status":"publish","type":"post","link":"https:\/\/lukeford.net\/blog\/?p=8411","title":{"rendered":"LA Jewish Philanthropist Indicted For Fraud"},"content":{"rendered":"

The Jewish Journal reports<\/a>:<\/p>\n

Sherman Oaks-based mortgage banker Bruce Friedman, whose Friedman Charitable Foundation<\/a> committed $10 million to the Children’s Museum of Los Angeles<\/a> and $1 million to Brandon’s Village<\/a>, a special-needs park in Calabasas, was indicted on securities fraud charges today by the Securities and Exchange Commission. <\/p>\n

The SEC alleges<\/a> Freidman, along with his two companies—Diversified Lending Group<\/a> (DLG) and Applied Equities, Inc<\/a>. (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.<\/p>\n

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.<\/p>\n

The SEC has frozen DLG’s, AEI’s and Friedman’s assets.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Jewish Journal reports: 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 … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2603],"tags":[16596,16597,16598,14993,14504,11173],"class_list":["post-8411","post","type-post","status-publish","format-standard","hentry","category-fraud","tag-bruce-friedman","tag-investor-money","tag-lavish-lifestyle","tag-real-estate-investment","tag-real-estate-investments","tag-securities-and-exchange-commission"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t