Another Madoff Surfaces - Part 6

May 18. 2009

FBI Building in Washington, D.C.

A 46-year-old, California hedge fund manager, Bradley L. Ruderman, who stole $44 million dollars from investors that placed their money with him in good faith, was arrested by the FBI on fraud charges. So-called investment brokers such as these, continue to imperil the U.S. financial system through a pattern of systematic fraud. They all need to be arrested to restore the financial standing of corporate America in the world, allowing the business sector to begin with a fresh slate.

Califorina hedge fund manager arrested

LOS ANGELES (AP) — A Beverly Hills hedge fund manager was arrested Friday on a charge he bilked investors out of $44.3 million, including $5 million he lost playing poker, the U.S. attorney's office said. Bradley L. Ruderman, 46, surrendered to FBI agents after being named in a wire fraud complaint. He was later released on $500,000 bond.

The government alleges he spent at least $8.7 million of investor money on personal expenses including a summer rental of a Malibu beach home and two Porsches...He allegedly raised $44.3 million from 22 investors with claims of annual returns as high as 60 percent.

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