Settlement reached in the case of the Hollywood home games.
The name Bradley Ruderman may not ring a bell with most poker players but in Hollywood lots of card players know him. Ruderman was the guy who lost a fortune at Hollywood home games. The money wasn't his though!
From 2005 to 2009 Bradley Ruderman lost more than $5,200,000 playing poker at private home games in Hollywood. If it was his own money there wouldn't have been a problem. It wasn't his money. It was money he'd conned from people investing with a hedge fund he managed.
It's been alleged that Ruderman played with celebrities like Tobey Maguire, Leonardo DiCaprio and Ben Affleck at The Beverly Hills Hotel in Hollywood. And if you believe the gossip they won big money from him. Buy-in at the games ranged from $40,000 to $200,000.
If that money is part of the settlement that was reached the other day remains to be seen. The case has been closed with a $1,750,000 settlement. 22 participants from the home games have agreed on the deal and no further action will be taken.
Bradley Ruderman isn't that lucky - he is in prison for the next 10 years. The investors who had money with him have lost close to $44,000,000.