Financier Howard Rubin Charged in Decade-Long Sex Trafficking Scheme

NEW YORK — A retired financier has been charged with sex trafficking after allegedly abusing women in a penthouse turned BDSM dungeon for nearly a decade. Howard Rubin, 70, was arrested at his Connecticut home on Friday and accused of luring women, including former Playboy models, to his Manhattan apartment where he subjected them to violent acts.

Federal prosecutors claim that from 2009 to 2019, Rubin recruited “dozens” of women to engage in commercial sex acts, using his wealth and influence to mislead them. According to Brooklyn U.S. Attorney Joseph Nocella, Rubin is alleged to have tortured women beyond their consent, resulting in lasting physical and psychological harm.

The indictment describes one bedroom of Rubin’s Midtown penthouse as “The Dungeon,” equipped with devices for shocking victims and featuring soundproof walls. Prosecutors assert that ten women have been identified in the indictment but indicate that many more were victimized over the years.

Rubin’s assistant, Jennifer Powers, 45, faces similar charges, having allegedly helped recruit women via social media. After encounters, payments were often made through wire transfers or services like PayPal, with amounts reaching approximately $5,000 per encounter.

During the court proceedings, prosecutors depicted Rubin as a danger to the public, describing him as an individual who hid behind his wealth while carrying out his alleged crimes. Authorities found that he had significant resources, including $74.4 million in offshore accounts, which led to concerns he might flee.

Rubin, who worked as a portfolio manager at Soros Fund Management, pleaded not guilty to all charges during a hearing in federal court. He was ordered held without bail due to concerns of him posing a flight risk. His assistant, Powers, was arrested in Texas and is expected to be extradited to New York.

According to investigators, many of the alleged victims were vulnerable, often drugged or intoxicated before the sexual encounters began. Some women were presented with non-disclosure agreements that required them to remain silent about the circumstances.

The cases against Rubin first emerged in civil lawsuits approximately a decade ago, and the recent criminal charges represent a more serious escalation of allegations against him.

If convicted on sex trafficking charges, both Rubin and Powers could face at least 15 years in prison, with Rubin facing additional charges related to bank fraud.

The ongoing investigation raises serious concerns about abuse and exploitation in sex trafficking, a significant issue that continues to affect many individuals across the country.