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Riverside Press Enterprise – The founder and manager of two Beverly Hills hedge funds has pleaded guilty to federal fraud charges.
Bradley Ruderman pleaded guilty Monday to two counts of wire fraud, two counts of investment adviser fraud and a misdemeanor count of failing to file income taxes in 2007.
Prosecutors say Ruderman admitted to cheating investors, many of them family members, out of $25 million by promising annual returns as high as 60 percent and sending fake account statements.
The Tribune – The more than $8.8 million judgment awarded to clients of Jeffrey Forrest has been paid, six months after a financial regulatory agency determined that the former San Luis Obispo investment adviser had misrepresented a risky hedge fund as being safe.
Forrest, who owned WealthWise LLC, and Associated Securities, an El Segundo-based broker-dealer with which his firm had been registered to sell securities, abandoned their appeal of the judgment in federal court, according to Phil Aidikoff, a Beverly Hills attorney representing the group of WealthWise investors.
Courthouse News Service – A Beverly Hills man defrauded his family and friends of $44 million by persuading them to invest in his two nearly worthless hedge funds and spent the money on a Malibu Beach home, Porsches, and poker, federal prosecutors say.
Bradley L. Ruderman, 46, quoted as a financial expert by national media, surrendered on Friday after being named in a criminal complaint charging him with fraud.
