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Spiderman gets sued for playing poker

June 23rd, 2011 No comments

Spiderman now looks to battle the forces of evil...who are suing him for winning at poker.

The poker world has been talking about this one most of the day today, and it’s kind of interesting….I guess.  Let me set the stage first: Back in 2009 a guy named Bradley Ruderman who was a Beverly Hills hedge fund manage was criminally charged in a federal court in Los Angeles for bilking investors out of about $44 million in a wire fraud scheme.  His hedge funds were shut down by the federal judge and the company Ruderman Capital Partners.  Basically Ruderman had raised the money claiming that he’d yield returns as high as 60% through stakes in high-profile companies such as Apple Inc., Microsoft, and Walmart.

Well it turns out that Ruderman was just a scam artist as he spent somewhere in the neighborhood of $8.7 million of the investor money on things like a summer rental on Malibu’s Carbon Beach and few Porsches.  Then, he dropped a reported $5.2 million of investor money at the high stakes Hollywood Poker games that were very popular between 2007-2009.  Well it turns out that $5.2 million is actually closer to $25 million and the investors are pissed, and want it back…deservedly so. Read more…