The former owner of Playgirl magazine has pleaded guilty to a $250 million fraud scheme that saw him use investor money to fund his luxurious lifestyle in .Carl R. Ruderman, 82, admitted conspiracy to commit securities fraud on Thursday in Miami and agreed to the maximum sentence of five years, as well as a forfeiture money judgment of over $250 million.Prosecutors say he was part of a scam that affected more than 3,400 investors in 42 states and admitted to using the funds to pay for his credit card, mortgage, vacations and other expenses like his Mercedes-Benz payments and nannies for his kids.
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