Man Indicted Over $228M Real Estate Ponzi Scheme

Law360, New York (October 1, 2010, 6:27 PM EDT) -- A federal grand jury has indicted Bruce Fred Friedman, the operator of Diversified Lending Group Inc., over his alleged role in operating a $228 million real estate Ponzi scheme.

A grand jury on Thursday charged Friedman, 60, with 15 counts of mail fraud, one count of wire fraud and seven counts of money laundering, according to the U.S. attorney for the Central District of California, whose office is prosecuting the case.

Friedman is currently in France awaiting extradition, a process that could take several months, according...
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