Posted on 05/16/2009 5:24:41 PM PDT by Red in Blue PA
LOS ANGELES – A Beverly Hills hedge fund manager was arrested Friday on a charge he bilked investors out of $44.3 million, including $5 million he lost playing poker, the U.S. attorney's office said.
Bradley L. Ruderman, 46, surrendered to FBI agents after being named in a wire fraud complaint. He was later released on $500,000 bond.
The government alleges he spent at least $8.7 million of investor money on personal expenses including a summer rental of a Malibu beach home and two Porsches. He admitted in an FBI interview that he lost $5.2 million of investor money in poker games held in a Beverly Hills luxury hotel suite, the U.S. attorney's office said in a statement.
He allegedly raised $44.3 million from 22 investors with claims of annual returns as high as 60 percent.
(Excerpt) Read more at news.yahoo.com ...
How are there so many rich imbeciles in the world?
.
how all these dumb ppl ended up with so much money to give to him?
Well, we've got one in the White House and a couple hundred in the Capitol.
Good question. Boggles my mind.
A lot. This guy is in BevHills. If the names of his "victims" are ever released, I'm sure plenty will be entertainer-types.
Not even Google knows where Califorina is.
First, they're probably physically attractive.
Second, they're probably fairly good a pretending to be someone else.
Third, they probably don't need a teleprompter to recite a few lines.
Next to Arizonia.
Lol!
I shoulda guessed...
;-)
You’ve got that right.
Typical sloppy reporting by AP. They never mentioned the names of his two hedge funds:
http://www.sec.gov/litigation/litreleases/2009/lr21017.htm
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21017 / April 29, 2009
Securities and Exchange Commission v. Bradley L. Ruderman, Ruderman Capital Management, LLC, Ruderman Capital Partners, LLC, and Ruderman Capital Partners A, LLC, Civil Action No. CV 09-02974 VBF (JCx) (C.D. Cal.)
SEC HALTS BEVERLY HILLS HEDGE FUND FRAUD
On April 29, 2009, the Securities and Exchange Commission obtained a court order halting a hedge fund fraud based in Beverly Hills, California. The SEC’s complaint, filed in federal court in Los Angeles, alleges that Bradley L. Ruderman (”Ruderman”) raised at least $38 million from about twenty investors since at least 2002 through his two hedge funds, Ruderman Capital Partners and Ruderman Capital Partners A. The SEC alleges that Ruderman defrauded his hedge fund investors by misrepresenting to them the hedge funds’ investment returns and the assets under management.
Specifically, the SEC’s complaint alleges that Ruderman falsely told investors that the hedge funds had earned positive returns from 15% to 60% per year and had over $800 million in assets. In reality, the hedge funds lost money and had less than $650,000 in assets. The complaint further alleges that in 2009, Ruderman made at least one Ponzi-like payment, using new investor money to pay returns to an earlier investor, and that Ruderman falsely told prospective investors that Lowell Milken (chairman of the Milken Family Foundation and Michael Milken’s younger brother) and Larry Ellison (the CEO of Oracle Corporation) were investors in his hedge funds.
The Honorable Valerie Baker Fairbank, U.S. District Judge for the Central District of California, granted the SEC’s request for emergency relief, including an order temporarily enjoining Ruderman, his company Ruderman Capital Management (”RCM”), and the hedge funds from future violations of the antifraud provisions, freezing their assets, and prohibiting the destruction of documents. The Commission also seeks preliminary and permanent injunctions, disgorgement, and civil penalties against all defendants. A hearing on whether a preliminary injunction should be issued against the defendants and whether a permanent receiver should be appointed is scheduled for May 7, 2009, at 1:30 p.m. PDT.
SEC Complaint
Probably most of them are arrogant/dumber than doorknobs trust fund A$$holes.
We have lived in N California for close to 4 decades.
Most of the trusties we have had the misfortune of meeting fit my description above.
Drugs and alcohol were trade marks in their early years, and like the Kennedy’s, their lawyers kept them out of jail for what they did to others.
If they make it past age 50, they often will hook up with some liberal foundation or start their own to back evil Christians, Conservatives and real capitalists.
We have never met one or heard one claiming to be a conservative.
These are the rich liberals that 0b0z0 complained to in San Francisco last year about us clinging to our guns and religion.
Many of them end up as token heads of vineyards, wineries or ranches/farms pushing organic sustainable bs in N California.
In LaLa and Follywood land, they are connected to movies, tvs and the crud that flows out of there.
Their elite arrogance and inbred stupidity makes them perfect targets for Maddoff’s and this scam artist.
Oops, I need another cup of coffee.
This sentence/para should have read: “If they make it past age 50, they often will hook up with some liberal foundation or start their own to battle evil Christians, Conservatives and real capitalists.”
Buncha sap-happy libs.
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