Fraud Charges Against Hedge Fund Manager
Fraud Charges Against Hedge Fund Manager
Ruderman began the hedge fund in 2002 and raised as much as $44 million from investors, many of whom were Ruderman's relatives. He claimed that the fund was returning as much as 60% at times. Federal prosecutors claim that Ruderman spent as much as $8.7 million of investor funds on personal purchases that included the rental of a home in Malibu and two Porsche automobiles. US attorneys also say that Ruderman may have lost as much as $5 million in poker games.
In April, a federal judge froze Ruderman's assets after the Securities and Exchange Commission filed a complaint alleging that he had falsely told his investors that the hedge fund was worth hundreds of millions of dollars. Ruderman fabricated account statements that indicated the fund's balance was $206 million, when in reality the fund contained less than $600,000.
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Photo Credit: Anthony Easton