Big Lawsuit by NFL Players May Point to $100 Million Scam
by Brian Kim, Arther Law’s Industry Insider Blog
16 current and former NFL players recently filed a lawsuit in Florida for being scammed out of $60 million total in player money. However, this lawsuit may also be evidence of an even bigger scam, with the total fallout reaching nearly $100 million USD.
The plaintiffs claim that BankAtlantic, a Florida-based bank, participated in the illegal opening of accounts and transfer of funds, under the influence of financial advisor Jeff Rubin, who represented the 16 plus many more players. The allegations claim that Rubin had players invest in a failed Alabama casino, which caused them to lose their money. Additionally, Rubin used the players’ money in other investments without the players’ knowledge. At one point, Rubin’s client list numbered over 100 athletes, including boxer Floyd Mayweather, and it is likely that many of these players besides the 16 who filed suit were also scammed.
The players accuse BankAtlantic with negligence, breach of fiduciary duty, breach of contract, and aiding and abetting a criminal operation. They allege that the bank allowed Rubin to open accounts with documents that included forged signatures, that the bank was influenced by the large sums of money Rubin deposited, and that the bank allowed him to transfer money from the accounts to various investments without notifying the players.
The biggest victims in the suit are the San Francisco 49ers’ Frank Gore, who lost $8.745 million, and the Tennessee Titans’ Jevon Kearse, who lost $7.958 million. The other players involved in the suit are Ray Lewis, Fred Taylor, Jamal Anderson, Jacob Bell, Tavares Gooden, Santonio Holmes, Greg Jones, Brandon Meriweather, Gerard Warren, Jabar Gaffney, Kenard Lang, Santana Moss, Clinton Portis, and Lito Sheppard.