On Thursday, Jeffrey Rubin, a Florida broker accused of enticing more than 30 professional U.S. football players into investing a total $40 million in a now-bankrupt casino, agreed to be permanently barred from the securities industry. He used to operate the Pro Sports Financial Inc in Fort Lauderdale.
In the settlement with FINRA, Rubin neither denied nor admitted the allegations brought against him by the securities industry watchdog.
The casino, in which Rubin made the NFL stars invest their money is still operating, but in 2011, changed its name from Country Crossing to Center Stage. Rubin used to provide financial advice and related services to NFL players who were his clients for an annual fee.
One NFL player, Samari Rolle, allegedly lost at least $3.2 million due to “unsuitable recommendations” made by Rubin, though Rubin has not admitted the allegations. Almost 31 NFL players are supposed to have lost money on Rubin’s advice.
Rubin’s former clients include players like Plaxico Burress of New York Giants, Clinton Portis of Washington Redskins, Santonio Holmes who is still with Jets, Santana Moss from Redskins, Fred Taylor, a former back of the New England Patriots, Jevon Kearse who used to be with the Tennessee Titans, and Kyle Orton, who played for Denver Broncos.
While FINRA did not fine Rubin or seek any payment, some of his clients are taking individual legal actions.
Rolle had filed an arbitration claim against Rubin in 2011 asking for $5 million in compensatory damages. He later settled with Rubin commenting that Rubin’s financial advice “created a situation in which millions of dollars are unaccounted for and inaccessible.”
Another player, Owens, who last played the NFL in 2010, is suing Rubin over several claims including the risky investments associated with the casino project.