Hollywood actors settle for $1.75m over high stakes game

Hollywood actors settle for $1.75m over high stakes game

Thursday, 17 May 2012

The Hollywood celebs who were linked to multi-million dollar poker games have settled out of court for $1.75 million according to a report from Celebuzz.com. The legal action was brought by a group of investors trying to recoup money scammed in a ponzi scheme which was then used in the high stakes Hollywood poker games.

This trouble began when hedge fund manager Bradley Ruderman reportedly lost millions of dollars of investors' cash in the twice-weekly games held at luxury Beverly Hills hotels.

Ruderman's alleged Ponzi scheme lost investors $25 million and the poker game lost him an additional $5.2 million as he attempted to win the money back. He is currently serving a 10-year prison sentence.

Howard Ehrenberg began the legal trouble for the celebrities that included Gabe Kaplan, Tobey Maguire and Nick Cassavettes, attempting to recoup Ruderman’s losses from the poker players.

He told Celebuzz.com, "The settlement of every poker related case without having had to incur the cost of taking any of them to trial means that the fund available for the victims has been maximized."

Tags: Gabe Kaplan, Nick Cassavettes, Tobey Maguire, celebs