Florida CEO, 81, Indicted for $250 Million Ponzi Scheme | Entrepreneur

It looks like 81-year-old Carl Ruderman, the former CEO of short-term business loan company 1 Global Capital, might be saying goodbye to a luxurious retirement.

Ruderman has been indicted on charges of wire fraud, conspiracy to commit wire and mail fraud, and conspiracy to commit securities fraud — making him the fifth senior citizen in the Miami-Fort-Lauderdale-Palm Beach metropolitan area to face the consequences of a $250 million 1 Global Capital fraud scheme, The Miami Herald reported.

Related: Frank Founder Charlie Javice Pleads Not Guilty in Fraud Case

Hallandale Beach-based 1 Global Capital would make short-term, high-interest loans to small businesses while, unbeknownst to investors, the company paid large commissions to brokers (including unregistered ones) and otherwise misappropriated funds, per the outlet.

Prosecutors allege Ruderman used investors’ cash to finance travel, insurance payments for his art collection, drivers, housekeepers, mortgage payments and a luxury car for his wife, Miami New Times reported.

Other key players in the scam, which spanned dozens of states and racked up a $50 million cash deficit, include 65-year-old Alan Heide, 1 Global Capital’s former CFO; 78-year-old Steven Schwartz, the company’s former chief operating officer; 81-year-old attorney Andrew Ledbetter; and 78-year-old attorney Jan Atlas.

Related: California Real Estate Scammer Stole Nearly $12 Million

Those involved in the sprawling senior citizen crime ring received sentences ranging from eight months to five years in prison and were ordered to pay restitution between $29 million and $148 million, and the two attorneys agreed to disciplinary revocation from the Florida Bar, per The Miami Herald.