Howard “Howie” Rubin, a once-prominent Salomon Brothers investment banker featured in the 1985 Wall Street expose “Liar’s Poker,” must remain in a federal jail in Brooklyn indefinitely as he fights sex-trafficking charges, a judge ruled on Wednesday.
It was the third bail denial for Rubin, accused of paying women, many of them former Playboy models, $5,000 to engage in “fetish play,” then constraining and torturing them, including by electrocuting them against their will.
Magistrate Judge Peggy Kuo said her main concern is the risk that the wealthy financier, who has a $70 million account based in the Cayman Islands, would flee the country.
“The thing that is troubling me is I don’t know if I can trust Mr. Rubin,” Kuo said in denying bail. She said she has no way of knowing for certain if Rubin is mulling, “What does my life look like if I flee, and what does it look like if I stay?”
Rubin’s 10-count indictment alleges a series of attacks against 10 Jane Does between 2009 and 2019 in luxury hotels and a soundproofed bedroom “sex dungeon” at his Manhattan penthouse apartment.
Rubin, 70, of Fairfield, Connecticut, pleaded not guilty and has been held without bail since his arrest in September. Rubin was once considered one of Wall Street’s most skilled and aggressive traders of complex mortgage securities, earning him roles at influential firms like Merrill Lynch and Soros Fund Management.
In his latest bid for freedom, his lawyers had offered a $70 million bond, co-signed by family members. They include his wife, who has been divorcing him since 2021, and who wrote a letter to the judge extolling his devotion to three young grandchildren, who call him “Pops.”
“There is no allegation that Mr. Rubin engaged in any BDSM activity since 2019,” his lawyers wrote in bail arguments filed Tuesday. “He has been living in Connecticut for years, devoted to the care of his grandchildren,” they wrote.
Federal prosecutors countered that no amount of bail or electronic monitoring could guarantee Rubin’s return to court; they also say that he has used threats and coercion to silence his accusers, allegations Rubin denies.
Rubin’s former personal assistant, Jennifer Powers, has been charged with pocketing millions of dollars to arrange the encounters; she has pleaded not guilty to sex trafficking charges and is free on $850,000 bail.
Her husband, Stephen Powers, is free on $250,000, according to court records. Both Powers have pleaded not guilty to bank and tax fraud in connection with the encounters.
Three attorneys for Rubin did not immediately respond to a request for comment on Wednesday. A Department of Justice spokesperson declined to comment.
Rubin is due back in court on January 15. If convicted of the top sex trafficking charge, he faces a mandatory minimum sentence of 15 years and as much as life in prison.
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