Calif. hedge fund manager pleads guilty to fraud

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.

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