Howard Rubin, a former bond trader at Salomon Brothers who was featured in Michael Lewis’ book “Liar’s Poker,” has been indicted on sex trafficking charges. Federal prosecutors in Brooklyn unsealed a 10-count indictment against Rubin, 70, alleging that he recruited women between 2009 and 2019 and coerced them into commercial sex acts in New York.
Jennifer Powers, Rubin’s former personal assistant, was also charged in the case. Rubin was arrested at his home in Fairfield, Connecticut. In addition to the sex trafficking charges, he faces a bank fraud charge for allegedly providing false information to a lender while securing a mortgage for Powers’ home in Texas.
Lawyers representing both Rubin and Powers declined to comment on the indictment.
This criminal case follows several years of civil litigation against Rubin. In 2022, he was ordered to pay $3.85 million to women who testified that they were brought to his Manhattan penthouse under false pretenses and subjected to abusive encounters. His attorneys argued that the women had consented and signed agreements, but a Brooklyn jury found him liable for sex trafficking and battery.
Prosecutors now allege that Rubin and Powers operated a scheme over ten years by arranging travel for women to meet Rubin under misleading circumstances.
Rubin’s career began on Wall Street during the 1980s, where he helped develop collateralized mortgage obligations at Salomon Brothers—a financial innovation that had significant impact on global finance. He later worked at Merrill Lynch with a reported $1 million-a-year deal before joining Bear Stearns and Soros Fund Management, where he managed mortgage-backed securities until 2015.
If convicted of these charges, Rubin could face a lengthy prison sentence.
