Ex-NYC financier Howard Rubin indicted on sex-trafficking charges

Howard Rubin, a 70-year-old former New York financier with long-standing ties to George Soros, was arrested Friday at his Fairfield, Conn., home on a 10-count federal indictment accusing him of sex trafficking. Prosecutors say Rubin ran a decade-long scheme that recruited women — including Playboy models — and then forced or coerced them into paid sexual encounters, often in a Manhattan penthouse that contained BDSM equipment. The indictment covers operations roughly between 2009 and 2019 and portrays Rubin as the central figure in a structured operation described by prosecutors as torturing women beyond their consent.

Rubin and his assistant Jennifer Powers were charged with overseeing recruitment, travel and payments; prosecutors say the operation spent more than $1 million on the scheme and paid victims between $2,000 and $5,000 for each session. The charges allege a network centered on Rubin, generated by years of explicit arrangements, with Powers also carrying out fund transfers and logistical tasks related to the scheme. The federal case marks a stark turn for Rubin, who built a reputation on Wall Street and in New York philanthropy before the allegations first emerged.

Rubin’s career on Wall Street was marked by rapid ascent. He grew up in Massachusetts and earned a chemical engineering degree from Lafayette College. After a brief stint as a Las Vegas card counter, he earned an MBA from Harvard and redirected his focus to finance. He began as a bond trader at Salomon Brothers in 1983 and later moved to roles within Soros Fund Management, the firm founded by billionaire investor George Soros. His work and high-profile philanthropy drew attention in New York social and charitable circles, and his name appeared in best-selling books such as Liar’s Poker and The Big Short, illustrating a life of extraordinary financial reach.

Rubin’s personal life mirrored the public spotlight. He married fellow Wall Street executive Mary J. Henry in 1985, and the couple became known as prominent Manhattan philanthropists with a portfolio of high-value properties, including a multi-million-dollar co-op on the Upper East Side and a $9 million waterfront estate in the Hamptons. They have three children and were recognized for charitable giving, donating hundreds of thousands of dollars to various causes in a single year at the height of their profile. The marriage frayed after the first wave of public accusations surfaced in 2017, when multiple lawsuits alleged Rubin paid women for brutal sex sessions in a BDSM-themed Midtown penthouse. Rubin denied the claims, and Mary Henry filed for divorce in 2021.

In 2017, lawsuits filed by several women — including Playboy Playmates — described encounters in which Rubin allegedly used a private space equipped with ropes, chains and sex toys and compensated participants for sexual acts. The suits claimed the payments were modest yet demanded, and that the encounters were coercive or violent in nature. Rubin publicly denied those allegations at the time, while the divorce proceeded in the background. The federal indictment reframes some of the earlier accusations within a broader, multi-year criminal case, alleging Rubin built and supervised an operation that exploited vulnerable women for financial gain.

Authorities describe Rubin and Powers as central to the scheme, with prosecutors saying more than $1 million flowed through Rubin’s funds to support the operation. The indictment specifies a period ranging from about 2009 to 2019 during which Rubin allegedly recruited women, arranged travel, and oversaw payment arrangements tied to the sex acts. The charges include sex trafficking and related counts, with the two defendants named as principal actors in the alleged operation. Investigators say some victims were recruited through intermediaries and coerced through threats or manipulation, though prosecutors stopped short of detailing every tactic in the public filing. The case underscores the ongoing federal effort to prosecute sex-trafficking networks that operate across intimate and private spaces, including those linked to high-profile financial figures.

Rubin was arrested Friday at his residence and is expected to appear in federal court in New Haven, Conn., to face the charges. Legal representatives for Rubin could not be reached for comment immediately, and prosecutors did not offer additional remarks beyond the indictment and court filings. The case will proceed through the federal judicial system, where prosecutors will present evidence to support the charges and Rubin’s defense will have an opportunity to respond. The broader market and political environment has occasionally scrutinized wealthy financiers and their philanthropic circles, but this case centers on criminal charges that carry significant penalties and reflect law-enforcement priorities in safeguarding victims from trafficking and coercive exploitation.

The indictment and arrest come as federal authorities continue to pursue trafficking networks that capitalize on vulnerability and secrecy, regardless of social standing or professional success. If convicted on the charges, Rubin could face substantial prison time and fines, though the legal process will determine guilt beyond a reasonable doubt through trial or plea negotiations. As the case unfolds, observers will watch how prosecutors present the evidence surrounding the alleged decade-long operation, including the role of Powers and any other associates who may be implicated in financing or facilitating the scheme.

As the case advances, Rubin’s legal team will challenge the government’s evidence and arguments in a bid to secure a fair trial. While the arrests and charges are focal, court filings and subsequent procedural steps will shape the timeline for arraignment, discovery, and potential settlement discussions. The allegations remain serious and highly scrutinized given Rubin’s former standing in financial circles and his connections within philanthropic and social networks in New York and beyond.