An Industry Ban for Stealing $40 Million From a Bunch of NFL Players May Not Have Been the Worst Thing Jeffrey Rubin Had Coming to Him

Football players are an enticing group of would-be fraud victims, being rich and seemingly very stupid. But the richness that makes them so tempting also allows them to hire lawyers smarter than they are. And those lawyers often have FINRA on speed dial. And so, when you rip off 31 current and retired NFL players, this is likely to happen.
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Football players are an enticing group of would-be fraud victims, being rich and seemingly very stupid. But the richness that makes them so tempting also allows them to hire lawyers smarter than they are. And those lawyers often have FINRA on speed dial. And so, when you rip off 31 current and retired NFL players, this is likely to happen.

A Florida broker who is accused of steering more than 30 professional football players to invest a total of $40 million in a now-bankrupt casino has been barred from the securities industry, an industry watchdog said on Thursday.

Jeffrey Rubin, who operated Pro Sports Financial Inc in Fort Lauderdale, agreed to be permanently barred from the industry in a settlement with the Financial Industry Regulatory Authority, dated Thursday….

About 31 current and retired NFL players eventually lost a total of about $40 million in the project based on Rubin's referral, said FINRA.

Among the players who were Rubin's clients were Plaxico Burress, a wide receiver who played for the Superbowl-winning New York Giants; Clinton Portis, a running back for the Washington Redskins; Santonio Holmes, still a receiver for the Jets; Santana Moss, a receiver for the Redskins; Fred Taylor, a former back for the New England Patriots; Jevon Kearse, a former defensive end for the Tennessee Titans; and Kyle Orton, a quarterback who played for Denver Broncos.

If professional football players still seem the right group to perpetrate a fraud against, a reminder may be in order: They are very, very big. And often concussed.

Financial advisers to NFL players barred by regulator [Reuters]
Finra: Broker Barred After NFL Clients Lost Millions [WSJ]

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