Tobey Maguire To Pay Victims of Ponzi Scheme US$80,000

Tobey agrees to pay portion of poker winnings.......

Written by ronin
Published about over 5 years ago. Filed Under: Movies

You know the phrase the house always wins? Well it depends on who the house actually belongs to....

Tobey Maguire and a host of other poker playing celebrities found out when when they were sued by trustees of Ruderman Capital, that made money using ponzi schemes, after the founder of the company, Brad Ruderman, lost a whole lot of money in high stakes poker games with celebs.

There are two types of card games that take place in houses: one among friends with lots of beer, pizza and banter. And then high stakes poker where lives can actually depend on winning, or at least not losing so much. It happened in Sopranos and in Rounders.

Although neither are technically legal, the authorities rarely "shut these down". That is, unless someone is playing with stolen money - and a whole lot of it too. That's what Tobey Maguire and other celebs (including Nick Cassavetes, Cody Leibel, best friend Leonardo DiCaprio (Maquire's, not mine) and Ben Affleck) found out for themselves when investigators found out that frequent player (and, as will become apparent, huge loser) Brad Ruderman, who has subsequently been jailed for investment fraud, lost $25 MILLION in these poker games.

Since the poker games were unlicensed and the money won came from a Ponzi Scheme, the judge presiding over Ruderman Capital's bankruptcy classified it as unlicensed gains, eligible for reclamation for the victims of the fraud.

Tobey Maguire and Gabe Kaplan apparently won big and the trustees asked the men, among others, to return their loot, but not surprisingly, they were initially resistant, feeling they’d won fair and square- after all,they did not know Ruderman was gambling with other people's money.

According to The Hollywood Reporter -who give an excellent break down of the legal ramifications, Maguire will pay eighty thousand dollars of the reported three hundred thousand he won - which some consider to be "measly".

The reality is that once you factor in the complexity in ponzi schemes, the failure of financial regulators and naive investors, the question of fairness is irrelevant unless everyone takes blame. This wasn't a simple snatch and grab by known/prolific criminals where Tobey and others should have known better or something. So yeah, I think the settlement of $80,000 is fair and appropriate. He also played spider-man so f**k you.

The agreement has already been signed by both parties, and a judge will decide whether it’s legally fair in December.

Is this fair? Should it matter that he didn't know? Should all the winnings be returned?


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