"Former Playgirl Owner's Son Pleads Guilty to $250M Lending Company Fraud"

Carl R. Ruderman, the former chairman and CEO of 1 Global Capital LLC, a commercial lending company, has pleaded guilty to conspiracy to commit securities fraud for his involvement in a $250 million scheme that defrauded over 3,400 investors in 42 states. Ruderman admitted to using investors' money for personal expenses, diverting funds to benefit himself and his family, and making false representations about the company's profitability. He now faces up to five years in prison and forfeiture of over $250 million. Four of his co-conspirators have previously pleaded guilty and received prison sentences and restitution orders.