After a year of legal disputes, the celebrities who won millions of dollars at an underground poker game from a fraudster have all settled out of court and agreed to give back a total of $1.75 million of the more than $5 million won.
The former clients of Brad Ruderman, a man currently serving time for investment adviser fraud, are recouping money won by actors Tobey Maguire and Gabe Kaplan, film director Nick Cassavettes, Rick Salomon and businessman Alec Gores. Other celebrities linked to the high stakes poker game but who were not facing legal action are Alex Rodriguez and actors Leonardo DiCaprio, Ben Affleck and Matt Damon.
Ruderman was sentenced to 10 years in jail in 2010 for swindling investors out of millions. His victims claimed he used their cash to live the high life and to pay his way in to high-stakes Beverly Hills Texas Hold ‘Em poker games between 2006 and 2009.
Ruderman made payments by check and wire transfer to Maguire, totalling $311,200 to cover poker losses, according to one of the lawsuits filed and later settled. The actor was one of the first to settle, agreeing to hand over $80,000.
As part of Maguire’s settlement, he maintained that he committed no wrongdoing and he didn’t know that the money he won came from illicit financial activities.
The funds collected are currently being held by a trustee who will repay the victims of Ruderman’s financial schemes.