The Securities and Exchange Commission on Thursday accused the California real estate company Diversified Lending Group Inc. and Bruce Friedman, its chief executive, of running a $216 million investment fraud.

The SEC also charged Applied Equities Inc., a subsidiary of Diversified. It has obtained a temporary restraining order and is seeking a final judgment permanently enjoining Friedman and his companies from violating antifraud provisions and ordering them to pay disgorgement of ill-gotten gains.

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