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Investor Too Involved in Poker
 
August 28, 2009

When you invest your money it is a given that you assume that your money is somewhat safe. There are some investments that you know can be risky, but that simply means that you won’t necessarily get back what you thought that you might. It does not mean that you assume that your investment manager will simply spend your money on poker games and other personal expenses.
 
It goes without saying that you expect that the money will actually go somewhere. And by somewhere we mean a bank, an investment portfolio – not the investment manager’s personal account. But this is exactly what happened with a gentleman who was the founder and the manager of two Beverly Hills hedge funds.
 
Bradley Ruderman has gotten himself into a bit of trouble – and it is the kind that brings you nothing but fines and jail time. Ruderman took his investor’s money and literally spent it on poker games and other things that brought him enjoyment, personally. Ruderman has admitted to taking the money and has plead guilty to two counts of wire fraud and two counts of investment adviser fraud. He is also looking at a misdemeanor for not filing income taxes in 2007.
 
Ruderman took the money from friends and family members and cheated all of them out of their money. He sent out fake account statements and tried to make them think that he had actually invested their money in something other than poker. He is now facing a max sentence of 51 years in jail.