The Financial
Industry Regulatory Authority (“FINRA”) announced yesterday it has barred
Jeffrey Rubin, a Florida resident, from selling securities for his unsuitable
recommendations to customers.
Rubin, who
operated Pro Sports Financial, a concierge services company for professional
athletes, has also been affiliated with Lincoln Financial Advisors and Alterna
Capital Corporation. Starting in at
least 2006, Rubin used his position of authority to induce a client, a NFL player,
to invest $3.5 million in four high-risk securities. The largest single investment, $2 million,
was invested in an Alabama casino project.
However, what started out with one investor quickly grew to over 30
additional clients of Rubin with investments totaling approximately $40 million
in the casino project.
The casino
project, however, was mired in regulatory issues, and was effectively shut down
shortly after it began operations. Rubin’s
clients who invested in this project, all former and current NFL players, lost
millions, while Rubin received a 4% ownership stake and approximately $500,000 from the
casino project promoter for his referrals.
In settling
the matter, Rubin neither admitted nor denied charges, however, he is barred
from the securities industry. If you
believe you have lost money because of the actions of Jeffrey Rubin, please
contact Block & Landsman to discuss your potential legal options.
