Howard “Howie” Rubin, once celebrated as one of Wall Street’s most dynamic and influential figures through his tenure as a high-level investment banker at Salomon Brothers, and famously portrayed in Michael Lewis’s 1985 exposé *Liar’s Poker*, now finds himself entangled in a profoundly different narrative: one involving grave criminal allegations and the indefinite loss of his freedom. On Wednesday, a federal judge ruled that Rubin must continue to be held at a detention facility in Brooklyn, denying him release as he faces a series of serious sex-trafficking charges. This ruling, which marks the third formal rejection of his bail request, underscores the judicial system’s growing concern regarding the defendant’s potential to abscond or manipulate the legal process given his considerable financial means and global connections.
According to the charges brought against him, prosecutors allege that Rubin orchestrated a deeply troubling pattern of violent behavior under the guise of consensual adult “fetish play.” The accusations claim that he paid women—many of whom were reportedly former Playboy models—approximately $5,000 each to participate in these encounters, which then allegedly escalated into coercive acts involving physical restraint, torture, and even the administration of electrical shocks against the victims’ will. These claims form the central basis of the criminal case now unfolding in federal court.
Magistrate Judge Peggy Kuo, who presided over this latest hearing, articulated her primary concern as being the pronounced risk that Rubin, a multimillionaire financier with extensive offshore assets—including a $70 million Cayman Islands account—might exploit his wealth to evade prosecution. Expressing a clear lack of confidence in his reliability, Judge Kuo stated frankly that she could not, in good conscience, trust Mr. Rubin to remain within the jurisdiction of the court. She further elaborated on her unease by observing that she had no definitive means of determining whether Rubin might be privately considering the potential outcomes of flight versus compliance—an internal calculation that could endanger the integrity of the judicial process.
The formal indictment against Rubin, aged seventy and a resident of Fairfield, Connecticut, includes ten individual counts that together paint a portrait of sustained criminal activity spanning a decade—from 2009 through 2019. Prosecutors describe a sequence of assaults allegedly committed against ten Jane Does in locations chosen for their privacy and exclusivity, such as luxury hotels and, most disturbingly, a soundproofed bedroom in Rubin’s Manhattan penthouse, which the indictment characterizes as a personal “sex dungeon.” Maintaining his innocence, Rubin has entered a plea of not guilty and has remained incarcerated without bail since his arrest in September. Once renowned for his razor-sharp acumen and daring strategies in trading complex mortgage-backed securities, Rubin had built an illustrious career that included senior positions at prestigious firms such as Merrill Lynch and Soros Fund Management.
In his most recent appeal for release, Rubin’s legal team proposed an extraordinary bail package valued at $70 million, secured through family-backed guarantees. His representatives emphasized that the offer demonstrated Rubin’s commitment to complying with the court’s conditions and pointed out his family connections—particularly a letter submitted by his estranged wife, who has been pursuing divorce proceedings since 2021. In her correspondence, she depicted Rubin as a loving grandfather deeply attached to his three young grandchildren, affectionately known to them as “Pops.” The defense further argued that there was no evidence or allegation indicating that Rubin had engaged in any behavior related to BDSM activities since 2019, contending that he had been residing quietly in Connecticut and dedicating his time to his family obligations and the upbringing of his grandchildren.
Prosecutors, however, remained unconvinced. They countered that no combination of financial guarantees, surveillance conditions, or electronic monitoring could adequately eliminate the risk of Rubin’s flight or ensure his full cooperation with legal proceedings. The government also asserted that Rubin had previously used intimidation and manipulation to dissuade or silence potential witnesses—claims the defendant vehemently denies. These arguments persuaded Judge Kuo to maintain the previous rulings denying bail, reinforcing the court’s stance that financial resources cannot outweigh concerns about potential obstruction of justice.
The broadening scope of the case also includes Rubin’s former personal assistant, Jennifer Powers, who prosecutors allege played a central role in facilitating the encounters in return for millions of dollars in payments. Powers, who likewise faces sex-trafficking charges, has entered a plea of not guilty and was released on an $850,000 bond. Her husband, Stephen Powers, who is accused alongside her, is currently free on a $250,000 bond. Both are also facing additional indictments involving bank and tax fraud in connection to the same pattern of alleged conduct.
Requests for comment from Rubin’s three attorneys went unanswered at the time of the ruling, and a spokesperson for the Department of Justice declined to provide any public statement on the ongoing litigation. Rubin is scheduled to reappear in federal court on January 15, where further procedural developments are expected to unfold. Should he ultimately be convicted of the principal charge of sex trafficking, he faces a mandatory minimum sentence of fifteen years in federal prison, with the potential for a life sentence depending on the court’s determination of aggravating circumstances.
For individuals who have experienced sexual violence or trauma, support is available through the confidential National Sexual Assault Hotline at 1-800-656-4673, as well as through its secure online platform, which offers free and private guidance for survivors seeking assistance or counseling.
Sourse: https://www.businessinsider.com/financier-howard-rubin-denied-bail-sex-dungeon-case-2025-12
