Ex-Soros fund manager indicted on sex trafficking and fraud charges

70-year-old Howard Rubin was indicted alongside his assistant, 45-year-old Jennifer Powers. Prosecutors allege that Rubin ran a network between 2009 and 2019 that recruited women to engage in consensual arrangements for money, but instead subjected them to force and coercion.

Victims, many of whom were financially vulnerable, struggling with addiction, or had prior histories of sexual abuse, were allegedly pressured into signing nondisclosure agreements meant to silence them.

According to the indictment, Rubin converted a Manhattan apartment bedroom into a red-painted, soundproofed “dungeon” outfitted with restraints, shock devices, and BDSM equipment. FBI Assistant Director Christopher Raia said Rubin spent more than $1 million on flights, payouts, and expenses to maintain the operation, which left women physically and psychologically scarred.

"The defendants allegedly exploited Rubin’s status to ensnare their prospective victims and forced them to endure unthinkable physical trauma before silencing any outcries with threats of legal recourse," Raia said in a news release on Friday.

Rubin has pleaded not guilty and was arrested in Connecticut. He was denied bail after a judge ruled him a flight risk. Powers was arrested Friday in Texas and is scheduled to appear in federal court Monday.

Rubin worked at various financial firms throughout his career, including Soros Fund Management. According to Fox News, there is no indication that Rubin had a personal connection to George Soros, but during his tenure at the firm, he worked as a portfolio manager from 2008 to 2016, where he focused on mortgage-backed securities.

If convicted, both Rubin and Powers face a minimum of 15 years to life in prison.