Posted October 31, 2013

Ray Lewis, Frank Gore among NFL players suing bank for $60 million in losses

NFL
Ray Lewis is among 16 current and former NFL players suing BB&T. (Stacy Revere/Getty Images)

Ray Lewis is among 16 current and former NFL players suing BB&T. (Stacy Revere/Getty Images)

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.

SI WIRE: Brandon Meriweather is sorry for comments

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.”

BEDARD: Geno Atkins is the NFL’s most disruptive force

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.


8 comments
ThagreatestManalive
ThagreatestManalive

“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. Are you kidding me? Banks and Bankers are the biggest crooks in the financial industry, especially when enormous amounts of money is available from unsuspecting clients such as athletes. 

diablo135
diablo135

Am I reading this right? Just to be clear, this is some sort of financial advice program set up by the NFL to help players manage their money?

MidwestGolfFan
MidwestGolfFan

This is a rotten thing to happen.  You don't want to see it happen.  Stealing and fraud are wicked, and it looks as though a big-time operator got to a lot of these guys.

That said, it's hard to feel sorry for Ray-Ray.  He's lucky to be walking around a free man.

MrArlington
MrArlington

Pro Sports Financial? The players should be more careful about who they invest with. When the players invested with this firm I can almost guarantee that they gave them discretionary power to choose their investments and it will be cleared of wrong doing.

AnthonyPatterrson
AnthonyPatterrson

@MrArlington You just read this article. You haven't seen one document related to the case. I can only assume you aren't a party to the lawsuit nor the person accused. How in the world could you come to any conclusion about how this will end?

RonAglund
RonAglund

@AnthonyPatterrson @MrArlington 

Well, according to the article the accounts were opened by the financial advisor and staff on behalf of their clients.

This implies some form of limited power of attorney in order to do that. If the accounts were set up by the staff as investment accounts there really isn't too much liability for the bank as there was some form of discretionary power going otherwise it would be outright criminal.

The players set up accounts with an unscrupulous financial planner and the only person who they could possibly sue who has funds apparently is the bank. I doubt if they have much of a prayer as the article is laid out.