Who is "Bad Brad" in Molly Bloom‘s High Stakes Poker Games?
"Bad Brad" is the nickname given to Bradley Ruderman in the film Molly‘s Game, based on Ruderman‘s involvement in the real-life underground poker operation run by Molly Bloom.
Bradley Ruderman was a hedge fund manager who operated a massive Ponzi scheme and used his ill-gotten gains to fund his high stakes gambling addiction. His poker losses amounted to over $5 million, which he covered by embezzling from investors.
The Rise and Fall of Molly Bloom‘s Poker Empire
In the early 2000s, Bloom moved to LA and started organizing private poker games for wealthy celebrities at the Viper Room, run by Darin Feinstein. Their games attracted the likes of Tobey Maguire, Leonardo DiCaprio, Ben Affleck, and Matt Damon.
Bloom broke out on her own in 2007, expanding her poker ring to New York and arranging games for Wall Street financiers, Silicon Valley entrepreneurs, business moguls, and A-list stars.
Her no-limit Texas Hold ‘Em games had buy-ins from $10,000 to $50,000 and absurd pot limits up to $250,000. She took the maximum rake allowed in California – 10% of each pot. On a good night, she could earn $50,000 from the rake alone.
Bloom arranged game details via encrypted emails and hosted in suites of luxury hotels and rented mansions. She provided beautiful hostesses, extravagant spreads of cuisine, and personalized cocktail service.
| Year | Location | Stakes | Players |
|---|---|---|---|
| 2004-07 | Viper Room, LA | Up to $40k buy-in | Tobey Maguire, Leonardo DiCaprio, Ben Affleck |
| 2007-11 | LA, NYC | Up to $50k buy-in, $250k pot limit | Wall Street bankers, Silicon Valley execs, celebrities |
In 2011, Bloom‘s operations collided with the law. The FBI arrested her for involvement with organized crime-linked underground poker rings.
Prosecutors charged her with profiting from illegal gambling activities. But in 2014, she pleaded guilty to a reduced charge of transmitting gambling information over the postal service.
Bloom was sentenced to just 1 year probation and a $1,000 fine – a stunning reversal for the "Poker Princess" who once presided over games with millions on the table.
Bradley Ruderman – The Ponzi Schemer Losing Millions
One regular in Bloom‘s poker game was Bradley Ruderman, a hedge fund manager with over $25 million in assets under management. But Ruderman‘s fund was actually a massive Ponzi scheme.
Ruderman fabricated earnings reports to show consistent returns. In reality, earlier investors were getting paid with money from new investors.
At the poker table, Ruderman bet recklessly with his investors‘ money. His total gambling losses from Bloom‘s games and other casinos totaled over $5.3 million.
In an interview with The Wall Street Journal, Ruderman admitted he embezzled money to cover his poker addiction after suffering big losses.
“It was never my intention for it to get to this point. Things just got out of control.”
In 2010, Ruderman pleaded guilty to two counts each of wire fraud and investment adviser fraud. He admitted to losing $25 million of investor funds through high stakes poker.
Ruderman was sentenced to 10 years in federal prison and ordered to pay over $45 million in restitution. His case pulled back the curtain on shadowy underground poker rings catering to whales like him.
Molly‘s Game Movie Adapts the Story
In 2017, a film based on Bloom‘s memoir Molly‘s Game brought her story to the big screen. Written and directed by Aaron Sorkin, it starred Jessica Chastain as Molly Bloom and Idris Elba as her lawyer.
The movie takes creative license, combining many real-life poker pros into the composite character "Player X," rumored to be based on Tobey Maguire. It also overplays the mafia ties of Bloom‘s games.
But the lavish cash games, sway of celebrities, and ultimately hollow glamour of that world are captured with flair. As an insider during the poker boom years, the ride Bloom took from skiing prospect to "Poker Princess" to convicted felon is made for Hollywood.
Sorkin‘s adaptation sent Molly Bloom rocketing to fame she never achieved from just organizing underground games, however astronomical the stakes. Bloom has since reinvented herself as a speaker and advocate for women‘s empowerment – proving her story extends far beyond poker‘s glory days.