16 NFL Players Sue BB&T for $53 Million Misappropriated by their Financial Advisor

        Earlier this month 16 current and former National Football League players filed suit against Branch Banking and Trust Co. in the U.S. District Court in Miami for $53 million in losses caused by the bank allowing a financial advisory firm to loot the players accounts.

        The players, who include Ray Lewis, Jevon Kearse, Santonio Holmes, Clinton Portis, Brandon Meriweather, and others, allege that BB&T is the successor-in-interest to BankAtlantic, which opened several checking accounts based on forged signatures and allowed the players’ financial advisor, Jeff Rubin, to withdraw tens of millions of dollars without their knowledge or consent.  Last year Rubin was stripped of his securities license by the Financial Industry Regulatory Authority, in part because of conduct that at issue in the recently filed lawsuit.

         The players allege that Rubin made unauthorized transactions including loans and other transfers to a failed casino project in Alabama known as Country Crossing.  The casino was shut down soon after it opened because the state governments deemed it to be illegal gambling under Alabama law.

         Block & Landsman is part of the group of attorneys representing the players in their lawsuit against BB&T.  

Adviser Jeffrey Rubin of Pro Sports Financial Banned from Securities Industry

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.