Convicted Ponzi schemer Bradley Ruderman has finally revealed the details that lead to him serving time in a Texas prison after being found guilty of embezzling $25 million from his investors, Celebuzz is reporting. The multi-millionaire hedge fund manager is finally discussing what happened when he was invited to play a high-stakes illegal poker game at Tobey Migure’s house.
Ruderman’s experience in the high-stakes poker games is documented in a 206-page deposition that was documented on March 29 at Taft Community correctional Facility in Kern County, California. He also provided videotaped testimony on oath, during which he explains how his illegal activities started in 2006, when he was still chief executive of Ruderman Capital Partners.
Ruderman’s fall from grace began a few weeks before he received the call from the ‘Spider-Man’ actor. While attending the barbecue of online gambling website owner Rick Solomon, Ruderman began talking to Molly Bloom, the sister of Olympic skier and Philadelphia Eagles player, Jeremy Bloom. Molly asked Ruderman if he was interested in playing a traditional Texas Hold’em game with her and her friends, and he said yes.
When Maguire, who never previously met Ruderman, called the hedge fund manager, he said he knew he played a game that Molly organized. The film producer extended the invitation to Ruderman to play in future games Molly organized. The first game was at Maguire’s Los Angeles house he shares with his wife, Jennifer, and their two children.
Ruderman soon began playing every other week. Molly would invite players by text, and mentioned which stars were expected to attend. The games, which were held at such locations at the Four Seasons, the Beverly Hills Hotel and the Viper Room, were by invitation only.
Ruderman told lawyers he became well-known on the game circuit by 2009 for paying his debts. The games included armed guards in bulletproof vests and attractive girls who served drinks and gave shoulder messages to relive tension.
Maguire was one of the most well-known players on the circuit, and reportedly earned up to $1 million a month over a period of three years. Ruderman told FBI agents Jeremy Tarwater and Steve Goldman that the actor was the best player.
The pot was usually around $400,000 during any particular game, and Ruderman said the highest pot he ever saw was $950,000. Players would usually buy in for $50,000. Molly would keep track of who owed money, and she would earn around $6,400 per night. She would also send an assistant to pick up money owed and deliver money won. Ruderman added that players couldn’t play any more games until previous debts were paid.
Ruderman’s losses eventually began to spiral out of control, however. he stole more than $5.2 million from his clients to pay off his card debts. He also told the FBI Molly preyed on him because he wasn’t a good gambler.
Hollywood heavyweights were gearing themselves for the fall-out after the full public hearing after Ruderman was arrested. But all players in the ring eventually settled. The 22 players who sued to recoup poker winnings received a total of more than $1.75 million.
Written by: Karen Benardello
