Monday, 4 May 2015
Last updated 2 days ago
Jul 28 2009 | 9:23am ET
A Beverly Hills hedge fund manager has settled charges of fraud with the Securities and Exchange Commission.
Bradley Ruderman of Ruderman Capital Management, an unregistered investment adviser, was arrested in May and charged with wire fraud. Ruderman alleged raised some $38 million from investors through his two hedge funds and defrauded his investors by lying to them about the hedge funds’ investment returns and the assets under management.
He told investors that hedge funds that he controlled had earned positive returns between 15% and 60% per year and had over $800 million in assets, the SEC charged. In reality, the hedge funds lost money and had less than $650,000 in assets. The SEC’s complaint further alleges that in 2009, Ruderman made at least one Ponzi scheme-like payment, using new investor money to pay returns to an earlier investor, and that Ruderman lied to prospective investors telling them that Lowell Milken and Oracle Corp. CEO Larry Ellison were investors in his hedge funds.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…