“Spiderman” star Tobey McGuire found himself dragged into a bankruptcy case, because he is really rather good at Texas Hold’em poker. Up to another dozen Hollywoods stars are thought to be involved in an illegal poker ring.
So how did that happen?
Beverley Hills hedge fund manager Bradley Ruderman is currently imprisoned for operating a ponzi scheme, defrauding several clients by essentially stealing from some to pay others. Apparently, he was also a pretty bad poker player.
Ruderman’s company is now in bankruptcy and the trustees are looking for money from anywhere they can find it to pay his victims and other creditors. That is where Tobey McGuire (35) becomes involved.
Tobey, Ruderman and other Hollywood actors laid down high stakes in private, unlicensed, high-stakes games at classy Los Angeles hotels including the Four Seasons and the Peninsula. Ruderman lost out to the card skills of Tobey and others and admits losing millions of dollars on the poker tables. Tobey is personally believed to have won over $300,000 from Ruderman.
The problem for Tobey and his winnings is that, in California, unlicensed poker games are illegal. Therefore, these ill-gotten winnings may be used to pay back Ruderman’s creditors.
That is why the bankruptcy trustees are going after Tobey, trying to seize his winnings so they can use the money to pay off creditors. Maguire is among more than a dozen high-profile Hollywood celebrities being sued in connection with a mega-millions illegal gambling ring that ran high-stakes underground poker games.
While Ruderman is in a Texas jail until 2018, convicted on two counts of wire fraud and two counts of investment adviser fraud, lawyers for the clients whose funds he embezzled are filing a series of civil suits against the big winners in the illegal poker dens, to recoup some of their lost savings.
An FBI investigation into Brad Ruderman, the CEO of Ruderman Capital Partners, uncovered how he lost $25 million of investor money in clandestine poker games held on a twice weekly basis in suites at the luxury Beverly Hills hotel, Four Seasons, and the Viper Room on Sunset Boulevard. Under California law, it is illegal to play for money at underground poker clubs, although the crime is rarely prosecuted. None of the participants are under criminal investigation.
As well as McGuire, Hollywood A-listers Leonardo DiCaprio, Ben Affleck and Matt Damon also played in the no-limit Texas Hold ‘em games which had a buy-in of $100,000. However, DiCaprio, Affleck and Damon are not being sued. Obviously, they weren’t as good at poker as Toby MacGuire!