Howard Rubin, a former bond trader known for his role at Salomon Brothers and his depiction in Michael Lewis’ book “Liar’s Poker,” has been indicted on federal sex trafficking charges. The indictment was unsealed by prosecutors in Brooklyn, charging Rubin, 70, with recruiting women over a ten-year period from 2009 to 2019 and coercing them into commercial sex acts in New York.
Jennifer Powers, who previously worked as Rubin’s personal assistant, was also charged. Authorities arrested Rubin at his residence in Fairfield, Connecticut. In addition to the sex trafficking charges, Rubin faces a bank fraud charge for allegedly misrepresenting ongoing litigation while obtaining a mortgage for Powers’ home in Texas.
Attorneys representing both Rubin and Powers have declined to comment on the case.
The indictment follows years of civil lawsuits against Rubin. In 2022, he was ordered to pay $3.85 million to several women who testified that they were brought to his Manhattan penthouse under false pretenses and subjected to abusive encounters. While Rubin’s legal team argued that the women had consented and signed agreements, a Brooklyn jury found him liable for sex trafficking and battery.
Prosecutors now allege that Rubin and Powers orchestrated a scheme lasting more than a decade, arranging travel for women who were told misleading information about the nature of their meetings with Rubin.
Rubin’s career began at Salomon Brothers where he helped develop collateralized mortgage obligations (CMOs), financial derivatives that played a significant role in shaping modern finance. He later held high-profile positions at Merrill Lynch—where he reportedly earned $1 million annually—Bear Stearns, and Soros Fund Management. At Soros Fund Management, he managed mortgage-backed securities until 2015.
Once associated with innovation on Wall Street and the expansion of real estate credit markets, Rubin is now accused of using his influence and resources to exploit vulnerable women through an alleged criminal enterprise involving coercion and abuse.
If convicted on these charges, Howard Rubin could face a lengthy prison sentence.
