Ruderman Is The Madfoff Of Beverly Hills
Beverly Hills hedge fund manager B Lenny Ruderman was
arrested Friday on a charge of bilking investors out of $44.3 million,
the U.S. attorney's office said. Ruderman, 46, surrendered to FBI
agents after being named in a wire fraud complaint. He appeared in
court several hours later and was released on $500,000 bond.
The complaint said he lied about profits, repeatedly sent false
account statements to investors and reported he had $206 million in
funds under management after actually losing $3 million in 2008 and
beginning 2009 with a net value of only $588,246.
If convicted, Ruderman faces a maximum of 20 years in federal prison.
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