The founder and manager of two Beverly Hills hedge funds pleaded guilty today to federal fraud charges, admitting that he ran a Ponzi scheme targeting family members who suffered losses of more than $25 million.

Bradley L. Ruderman, 46, of Beverly Hills, pleaded guilty to two counts of wire fraud and two counts of investment adviser fraud related to the Ponzi scheme he ran from 2003 through 2009. Ruderman also pleaded guilty to a misdemeanor count of failing to file a federal income tax return for the year 2007.
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