Beverly Hills investment manager has assets frozen in hedge fund fraud case
By APThursday, April 30, 2009
Calif. fund manager’s assets frozen in fraud case
LOS ANGELES — A federal judge has frozen the assets of a Beverly Hills hedge fund manager accused by the Securities Exchange Commission of duping investors out of $38 million.
The injunction issued by U.S. District Judge Valerie Baker Fairbank on Wednesday also prohibits Bradley L. Ruderman from destroying any documents connected to the fraud complaint.
Ruderman and his Ruderman Capital Management firm are accused of telling investors that the firm’s two hedge funds held more than $800 million in assets when they actually had less than $1 million.
The SEC says Ruderman falsely told investors that the funds held positions in well-known securities such as Apple Inc. and Microsoft Corp.
Ruderman’s lawyer Wrenn Chais did not immediately return a call by The Associated Press seeking comment.
