The Justice Department has announced the indictment of Howard Rubin, a retired New York City financier once described as the “right-hand man” of billionaire investor George Soros.

The case, already generating national attention, centers on allegations that Rubin used his wealth, influence, and a Manhattan penthouse outfitted as a “secret sex dungeon” to commit acts of abuse and trafficking against women.

Rubin, 70, and his assistant Jennifer Powers now face serious federal charges, including sex trafficking, transportation of women across state lines for sexual encounters, and bank fraud.

The allegations, described in stark detail by prosecutors, paint a portrait of exploitation that spanned years, involved substantial financial resources, and left a trail of alleged victims claiming both physical and psychological scars.

Howard Rubin built his career in the high-stakes world of finance, rising to prominence in New York City’s competitive trading circles. Once employed at Soros Fund Management, created by billionaire George Soros, Rubin earned a reputation as a skilled but relatively quiet figure.

Former colleagues described him as “nebbishy” and “totally normal,” the kind of unassuming personality who hardly matched the disturbing accusations now leveled against him.

But prosecutors allege that behind this outward image lay a hidden world of exploitation. According to the indictment, Rubin maintained a Manhattan penthouse that served as the epicenter of a sex trafficking scheme.

It was there, authorities claim, that women were recruited under false pretenses, compensated for supposed consensual BDSM encounters, and then subjected to violence and humiliation far beyond any agreement.

The indictment outlines several counts, including:

• Sex trafficking and transportation across state lines: Prosecutors allege Rubin and Powers recruited women, moving them across state boundaries for commercial sexual encounters arranged under deceptive terms.

• Bank fraud: Rubin faces a charge linked to false representations made to secure financing for Powers’s Texas home mortgage.

• Pattern of abuse: The Justice Department accuses Rubin of engaging in acts of violence, sexual assault, and threats intended to silence women who later tried to come forward.

According to federal prosecutors, Rubin’s assistant, Jennifer Powers, played a critical role in orchestrating the logistics. Powers is accused of managing the operations, arranging travel, and ensuring the enterprise ran smoothly while benefiting financially from the scheme.

The allegations against Rubin are both specific and disturbing. Prosecutors say Rubin paid women as much as $5,000 for encounters framed as consensual BDSM activities.

But multiple plaintiffs allege that Rubin pushed boundaries in ways that were neither negotiated nor consented to, leaving women physically injured and emotionally traumatized.

One account described in court filings involves Rubin allegedly beating a woman’s breasts with such severity that her implant flipped, leaving her surgeon unwilling to operate due to the extent of the damage.

Another plaintiff claims Rubin, while she was bound in his penthouse, told her chillingly, “I’m going to rape you like I rape my daughter,” before allegedly assaulting her. Rubin has three children, including at least one daughter, with his estranged wife.

These allegations, shocking on their own, are compounded by the plaintiffs’ claims that Rubin employed threats and intimidation to keep them silent. Several women have filed civil suits, with six of seven alleged victims seeking at least $18 million in damages. That civil trial is scheduled for November.

The case has stunned former colleagues who recall Rubin as a reserved figure during his time at Soros Fund Management. “I thought he was a nice guy. He was a nebbishy Jewish guy and totally normal,” one trader who worked alongside Rubin told reporters. “I was surprised to hear about him having that apartment [with a sex dungeon].”

The contrast between Rubin’s reputation as a low-profile financier and the allegations of a violent hidden life has amplified public fascination with the case. It also raises questions about how a man with access to extraordinary wealth and influence allegedly sustained such behavior for years.

Federal officials have spoken forcefully about the seriousness of the charges.

“As alleged, the defendants used Rubin’s wealth to mislead and recruit women to engage in commercial sex acts, where Rubin then tortured women beyond their consent, causing lasting physical and/or psychological pain, and in some cases physical injuries,” said Joseph Nocella Jr., United States Attorney for the Eastern District of New York.

Nocella emphasized that Rubin’s resources did not shield him from accountability. “Today’s arrests show that no one who engages in sex trafficking, in this case in luxury hotels and a penthouse apartment that featured a so-called sex ‘dungeon,’ is above the law, and that they will be brought to justice,” he stated.

“Human beings are not chattel to be exploited for sex and sadistically abused, and anyone who thinks otherwise can expect to find themselves in handcuffs and facing federal prosecution like these defendants.”

Law enforcement agencies that partnered on the investigation underscored the gravity of the case.

“For many years, Howard Rubin and Jennifer Powers allegedly spent at least one million dollars to finance the commercial sexual torture of multiple women via a national trafficking network,” said Christopher G. Raia, Assistant Director in Charge of the FBI.

“The defendants allegedly exploited Rubin’s status to ensnare their prospective victims and forced them to endure unthinkable physical trauma before silencing any outcries with threats of legal recourse.”

Raia pledged continued vigilance: “The FBI will continue to apprehend any trafficker who sexually abuses others for twisted gratification.”

Harry T. Chavis Jr., an IRS investigative special agent in charge, pointed to Powers’s role. “This was not a one-man show. While Rubin dehumanized these women with abhorrent sexual acts, Powers is alleged to have run the day-to-day operations of the enterprise and got paid generously for her efforts.”

Parallel to the federal criminal proceedings is a civil trial scheduled for November. Six women, out of seven identified alleged victims, are seeking a combined $18 million in damages. Their complaints include graphic allegations of abuse and assault that mirror the federal indictment.

The outcome of the civil case could provide additional evidence and testimony that shapes the criminal proceedings. It also raises the stakes for Rubin and Powers, who face not only prison time if convicted but also financial ruin if damages are awarded.

So far, Rubin has not issued a direct public response to the charges. His estranged wife, with whom he shares three children, has remained quiet as well. Legal representatives are expected to mount a defense arguing consent and disputing the allegations, but those arguments have yet to be heard in detail.

Observers note that Rubin’s financial resources may allow him to secure high-powered legal counsel, but whether money can outweigh the vivid accounts of multiple plaintiffs remains uncertain.

The case resonates beyond Rubin’s individual fate. It speaks to broader issues of wealth, power, and accountability. Prosecutors have been deliberate in emphasizing that Rubin’s financial status and social connections did not place him above the law.

The alleged use of vast sums of money to orchestrate and conceal exploitation highlights the challenges law enforcement faces in combating trafficking networks. This case, prosecutors argue, demonstrates that even well-connected figures cannot evade justice indefinitely.

For victims’ advocates, the indictment offers a measure of validation. Survivors of abuse often face skepticism and barriers when bringing forward their accounts, particularly when the accused are powerful men.

The Justice Department’s willingness to pursue charges sends a signal that such claims will be taken seriously, regardless of who stands accused.

Behind the legal language and courtroom battles lie the stories of women who say they were lured into encounters that turned into nightmares. Their accounts describe physical pain, emotional devastation, and the long shadow of trauma.

Some have alleged being paid for sex acts, only to later realize they had been deceived into situations where boundaries were ignored, and violence was inflicted. The allegations include not just physical injuries but also psychological manipulation, threats, and degradation that left scars beyond what money could erase.

The indictment of Howard Rubin marks a dramatic fall for a man once entrenched in New York’s financial elite. From the heights of Wall Street to the depths of federal criminal charges, his story is now one of allegations that shock the conscience.

Together with Jennifer Powers, Rubin faces a trial that will test the strength of the Justice Department’s case, the credibility of the plaintiffs’ accounts, and the public’s appetite for confronting uncomfortable truths about wealth and exploitation.

What remains certain is that this case will be watched closely. The civil trial in November, combined with the federal prosecution, ensures that Rubin’s alleged actions will remain in the spotlight for months to come.

As prosecutors have made clear, money and influence cannot shield individuals from accountability. If the charges hold, Rubin and Powers could face years in prison, millions in financial penalties, and a legacy forever tarnished by allegations of cruelty and abuse carried out behind the closed doors of a Manhattan penthouse.

For the women who stepped forward, the hope is that justice—long delayed—will finally be delivered.