Reported by DAVID J. NEAL

CEO Carl Ruderman’s part in the 1 Global Capital fraud already has cost him money — a $15 million civil penalty, another $750,000 cash dunning — and real estate, as in 50% of the equity in a five-bedroom, 12-bathroom Aventura condominum. But, Wednesday, the Justice Department came for something else 3,400 investors over 42 states want Ruderman to lose: Time.

Ruderman, 81, has been indicted on charges of wire fraud, conspiracy to commit wire and mail fraud and conspiracy to commit securities fraud.

Ruderman’s indictment puts the size of the 1 Global Capital fraud at $250 million, the lowest estimation to appear in any of the previous indictments or guilty pleas. Previous estimates ran up to $322 million.

The purported idea behind Hallandale Beach-based 1 Global Capital could be summed up as “Amscot for small business.” The company would make short-term, high interest loans to small businesses. The payback would come via automatic withdrawals from the borrowers’ bank accounts. Investors would receive their principal and a piece of the interest.

According to the guilty pleas, nobody told investors about the corpulent commissions 1 Global paid brokers (including the unregistered ones mentioned above). Nobody told investors that Ruderman, the guilty pleas said, treated 1 Global Capital like his family ATM.

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