Ray Lewis, Frank Gore among NFL players suing bank for $60 million in losses
Sixteen current and former NFL players are suing North Carolina-based bank BB&T for nearly $60 million in alleged investment losses, according to legal documents obtained by Yahoo! Sports.
Former Baltimore Ravens linebacker Ray Lewis, 49ers running back Frank Gore, Jets wide receiver Santonio Holmes and Redskins safety Brandon Meriweather headline the group of current and former NFL players in the lawsuit.
Attorney Andrew Kagan said the players allege since-banned financial adviser Jeff Rubin and his Pro Sports Financial staff opened accounts in their names and place tens of millions of dollars in unadvised, unauthorized investments, including an illegal Alabama casino venture that lost about $30 million.
From Yahoo! Sports:
“It’s unbelievable that this could happen, and happen to so many people,” Kagan said. “Unfortunately, BB&T [formerly BankAtlantic], ignored plenty of red flags and allowed tens of millions of dollars to be transferred from clients’ accounts without their knowledge or permission. The sad thing is that by allowing this to happen, the bank has caused irreparable harm to the clients and ruined lives in the process. The money that was supposed to have supported these guys for the rest of their lives has been taken from them and many have been left with nothing. This is truly a tragic story.”
BB&T offered no comment on the litigation:
“While we have not had the opportunity to review the allegations in detail, we understand this case concerns actions taken by BankAtlantic prior to its acquisition by BB&T in 2012,” said David R. White, BB&T’s vice president of corporate communications. “Because this is pending litigation, we cannot comment further.”
The National Football League Players Association banned Rubin from its financial adviser program in May.