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Carl Ruderman Pleads Guilty to $250M fraud

Carl R. Ruderman, an 82-year-old Florida executive with previous business connections to Playgirl magazine, has pleaded guilty to conspiracy to commit securities fraud. This admission comes as part of his involvement in a substantial $250 million scheme that adversely affected more than 3,400 investors across 42 states through his company, 1 Global Capital LLC. The company, which filed for bankruptcy in July 2018, was known for providing high-interest loans to small businesses, which have been compared to payday loans.

Carl Ruderman

Ruderman misappropriated investors' funds for various personal and familial expenses, which included credit card payments, travel, tuition, mortgage payments, and luxury car payments. Additionally, he diverted investors' money to businesses that benefitted him and his family, all without the knowledge or consent of the investors. Furthermore, Ruderman, along with others, misrepresented information to investors about the company’s profitability and how the invested funds would be utilized.

The sentencing for Carl Ruderman is scheduled for January 3, and he could face up to five years in prison along with the forfeiture of more than $250 million. This case underscores a significant downfall after years of financial operations, revealing the depth and extent of the fraudulent activities that took place within 1 Global Capital under Ruderman's leadership.

It's also noteworthy that four of Carl Ruderman’s co-conspirators have previously pleaded guilty for their roles in the 1 Global fraud, showcasing the widespread involvement in these illicit activities.

You can access the full article here for more detailed information.



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