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Another financial scammer/schemer strikes seniors
Old 03-06-2009, 02:35 PM   #1
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Join Date: Apr 2004
Location: South Texas~29N/98W
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Another financial scammer/schemer strikes seniors

These kind of scammer stories seem to crop up on a regular basis these days, unfortunately. No doubt there are many more out there lurking in the trash, garbage, sewers weeds just waiting for more suckers.

According to the SEC's complaint, Friedman and his companies — Los Angeles-based Diversified Lending Group Inc. (DLG) and Applied Equities Inc. (AEI)—raised at least $216 million from hundreds of investors nationwide, many of whom are senior citizens, by promising guaranteed high returns through real estate-related investments. Instead, Friedman diverted substantial investor money to ventures unrelated to real estate, and also 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, who is named as a relief defendant.
LA Man Charged In $216 Million Securities Fraud
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