Another financial scammer/schemer strikes seniors

[mickeyd]

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