New York financier Howard Rubin was arraigned on Friday afternoon and held with out bail on costs of intercourse trafficking.In a 10-count indictment, the Division of Justice has accused Rubin and his private assistant, Jennifer Powers, of transporting ladies to a “intercourse dungeon” in a New York penthouse to have interaction in numerous business intercourse acts with Rubin.Rubin pleaded not responsible to the fees. A lawyer for Rubin didn’t instantly reply to requests for remark from Enterprise Insider.John Marzulli, a spokesperson for the prosecution, informed Enterprise Insider that Justice of the Peace Decide Kuo rejected Rubin’s bail software — launch on a $25 million bond — citing issues over public security and Rubin’s threat of flight. She ordered him detained.The indictment lays out allegations that encounters with paid intercourse staff had been facilitated by Powers and included acts involving bondage, self-discipline, dominance, submission, and sadomasochism (or “BDSM”). The indictment alleges that in “many” of such encounters, Rubin “brutalized ladies’s our bodies, inflicting them to concern for his or her security and/or leading to important ache or accidents, which at instances required ladies to hunt medical consideration.””For a few years, Howard Rubin and Jennifer Powers allegedly spent a minimum of a million {dollars} to finance the business sexual torture of a number of ladies by way of a nationwide trafficking community,” FBI Assistant Director in Cost Christopher Raia mentioned in a press release in regards to the costs. “The defendants allegedly exploited Rubin’s standing to ensnare their potential victims and compelled them to endure unthinkable bodily trauma earlier than silencing any outcries with threats of authorized recourse.”
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Rubin is a retired cash supervisor who has labored for a few of Wall Road’s most outstanding corporations, together with Salomon Brothers, Bear Stearns, and George Soros’s hedge fund.Rubin bought his begin at Salomon Brothers in 1982, the place he labored beneath Lew Ranieri and have become considered one of Wall Road’s most profitable mortgage-backed securities merchants, in response to a 1999 story from Mortgage Backed Securities Letter, an trade publication. It mentioned Ranieri as soon as referred to as Rubin “probably the most innately gifted younger dealer I’ve ever seen.”After Salomon Brothers, Rubin went to Merrill Lynch, the place he was the agency’s head mortgage safety dealer. In 1987, the financial institution dismissed him, tied to $250 million in losses it mentioned it sustained on account of unauthorized mortgage-securities buying and selling, the Wall Road Journal reported on the time.He later labored as Bear Stearns’ mortgage buying and selling chief, retiring in 1999, and later for the Soros Fund Administration, when it was nonetheless a hedge fund. The agency is now billionaire George Soros’s household workplace.Rubin is 70 years outdated and lives in Fairfield, Connecticut, prosecutors mentioned.
