Renowned banker Howard Rubin faces serious allegations including sex trafficking.
Sept. 26, 2025, Published 5:45 p.m. ET
Former Soros Fund money manager Howard Rubin has been arrested on multiple sex trafficking charges, accused of “torturing” women within a secret, soundproof penthouse dubbed his “sex dungeon.”
The 70-year-old retired Wall Street financier was taken into custody at his home in Fairfield, Connecticut on Friday, September 26. Authorities allege that over a decade, he transported at least ten women across state lines for “commercial sex acts.”
Alongside him, Rubin’s former personal assistant, Jennifer Powers, was also arrested in Texas, linked to the same alleged BDSM scheme.
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Former Soros Fund Executive Faces Serious Charges
Rubin was arrested at his residence in Connecticut on September 26.
According to the Eastern District of New York’s 10-count indictment, Rubin brought women to upscale New York City hotels for illicit activities followed by transporting them to a specially equipped penthouse featuring bondage and BDSM paraphernalia.
Rubin allegedly took measures to soundproof this so-called “sex dungeon.”
According to U.S. Attorney Joseph Nocella Jr., Rubin exploited his wealth to lure women into commercial sex acts, allegedly torturing them in the process, causing both physical and psychological harm.
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Claims of Torture in a ‘Sex Dungeon’
Rubin is accused of torturing women against their consent.
US Attorney Nocella emphasized that today’s arrests signal that those involved in sex trafficking—regardless of their status—will be held accountable. “Human beings are not property to be exploited for sex and sadistically abused,” he remarked, asserting that anyone involved in such heinous acts will face justice.
In the indictment, disturbing details emerged about torture devices at the penthouse, including a cross and specialized equipment purportedly designed to shock or electrocute women. Text messages exchanged between Rubin and Powers included one in which Rubin sent a photo of a woman bound to the cross; Powers’s response suggested a chilling familiarity with the acts being performed.
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Rubin reportedly allocated over $1 million to sustain the trafficking activities during the decade.
Rubin, who has a net worth of approximately $74 million, is alleged to have spent at least $1 million maintaining this trafficking network from 2009 to 2019. In addition to the sex trafficking indictments, Powers has also been charged with bank fraud related to misleading a lending institution about her mortgage in Texas.
Federal prosecutors are pushing for Rubin to be held without bail, arguing that his wealth and potential to flee warrant such caution.
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In a letter to the presiding judge, prosecutors voiced the need for strict bail conditions, asserting there are no feasible measures that can ensure Rubin’s presence in court or safeguard the community. They highlighted Rubin’s considerable assets, which include substantial holdings in overseas accounts.
As for Powers, authorities are demanding a noteworthy bail amount.
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