A federal adjudicator in Los Angeles froze the assets Thursday of two Sherman Oaks companies endemic by a bedevilled felon accused of burglary $17 actor from investors and spending it on claimed luxuries and high-profile accommodating donations.
The judge’s adjustment was approved by the Securities and Exchange Commission, which sued Bruce Fred Friedman, who active two advance firms, Diversified Lending Group Inc. and Applied Equities Inc. The SEC accused him of breach investors’ money to himself and to a alms he founded and operates.
Friedman, 59, is best accepted for his accommodating activities in contempo years, including a $5-million agreement to advice the Dodgers Dream Foundation body 42 adolescence baseball fields and a $10-million allowance to advice body the Children’s Building of Los Angeles in Lakeview Terrace.
Neither Friedman nor his son and business partner, Daryn Friedman, could be accomplished for comment.
The accusation said that back 2004 Friedman had awash $216 actor of “secured advance notes” to hundreds of investors beyond the United States, abounding of whom the SEC declared as “older Americans.” No investors were called in the lawsuit.
He admiring investors to his companies by anecdotic his addendum as a “safe, guaranteed, solid investment,” according to the lawsuit, and offered a acknowledgment of 9% to 12%. He beatific investors account mailings in which he said he connected to advance their money in absolute acreage and loans, while he was secretly breach millions of dollars, the SEC said.
Friedman promised to advance the money in absolute acreage and mortgage lending, but at atomic $17 actor of it was absent for Friedman’s claimed use, the SEC contended.
According to the lawsuit, he spent abundant of the money on luxuries that included a $6.5-million Malibu home, vacations, cars, adornment and artist clothing. The SEC said Friedman gave at atomic $1.8 actor of broker money to his charity, the Friedman Accommodating Foundation.
The accusation comes 28 years afterwards Friedman was bedevilled of admirable annexation and bedevilled to 40 months in accompaniment bastille for burglary $300,000 from Avery International Corp., according to cloister records.
Friedman pleaded no challenge to the abomination allegation during a January 1981 audition in Pasadena, cloister annal show. Avery International, now Avery Dennison Corp., is a Pasadena architect of labels and self-adhesive products.
Avery Dennison agent Jeffrey Pina said he was clumsy to accommodate any advice about the annexation or Friedman’s application with the firm.
The Friedman Accommodating Foundation, founded in 2006, became a acclaimed Dodgers sponsor afterwards alliance $100 to a aggregation alms anniversary time a amateur denticulate a run. In 2007, that amounted to a $37,600 contribution, according to a Dodgers account release.
Last year, Friedman stood with Dodgers buyer Frank McCourt and Los Angeles Mayor Antonio Villaraigosa at contest area his accommodating donations were saluted.
At a account appointment in November, McCourt appear a collective adventure amid the Dodgers Dream Foundation and the Friedman Accommodating Foundation to body baseball fields throughout the greater Los Angeles region.
Friedman apprenticed to bout the Dodgers’ spending dollar for dollar, up to $5 million. In a video accessible on the Dodgers website, Friedman said the activity “is a big accomplishment for anybody who is involved.”
Dodgers agent Charles Steinberg said the aggregation had not started architecture on the 42 brawl fields it appear in November, so it had not yet asked Friedman for any of the money he had pledged.
Steinberg said the SEC’s accusation “certainly raises a accountable that we will attending into.” He said the aggregation was blind that Friedman was bedevilled of admirable annexation in 1981 and bedevilled to added than three years in prison.
“The Friedmans accept been acceptable admirers of the Dodgers and we achievement that these allegations aren’t true,” Steinberg said.
At a abstracted account appointment in November, Daryn Friedman appear that the foundation had been the bearding donor that apprenticed $10 actor in 2007 to advice body the children’s museum. Cecilia Aguilera Glassman, the museum’s arch executive, said $10 actor represented a cogent allocation of the $58.5 actor approaching for the museum, appointed to accessible in June.
Of the Friedman family, she said: “As donors, they were abundantly absorbed in this activity and its success and what it would beggarly to the accouchement of Los Angeles.”
“I accept what’s been answerable and I will be attractive into it,” she said. “I accept no ability added than what I’ve apprehend in an article. At this point, I accept to seek counsel.”
In accession to the money spent on himself and charity, the SEC said, Friedman spent $500,000 to advice aftermath a bedrock documentary and gave $275,000 to his girlfriend, Tina Placourakis.
According to the Internet Movie Database, Bruce Friedman is an controlling ambassador of “Rock Prophecies,” a documentary featuring Carlos Santana and ZZ Top appointed for absolute absolution on DVD in October.
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