Out-of-work NFL wide receiver Terrell Owens is suing a financial adviser, a South Florida bank and others for mismanaging his finances, according to documents obtained by Yahoo! Sports.
Owens alleges that the close relationship between defendants Jeff Rubin, his financial firm (Pro Sports Financial) and Florida-based Bank Atlantic led to PSF employees engaging in various instances of financial mismanagement of Owens’ account without his knowledge.
Among Owens' claims in the filing:
• That PSF opened an account at Florida-based Bank Atlantic without his knowledge or authorization.
• That Owens' signature on that account was forged.
• That PSF employee Tequilla Harris and others made "numerous unusual and extraordinary withdrawals" from that account without Owens' authorization.
• That PSF made "unauthorized loans and or funds transfers" to other PSF clients who held accounts at Bank Atlantic, including former NFL player Jevon Kearse and another Rubin-controlled company, Pankas Holdings.
• That PSF, Rubin and others introduced him to "illegal and highly risky investments" such as a failed casino project in Alabama without properly researching the investments or providing ample risk and assessment disclosures.
• That PSF, Rubin and others failed to follow NFL Players Association regulations on investments.
• That Bank Atlantic aided and abetted PSF, Rubin and others in mismanaging Owens' finances by allowing an account to be opened and managed in the player's name without his consent
Owens' attorney, Michael Simon, declined comment saying "the pleadings speak for themselves."
Rubin, through his attorney Patricia Morales Christiansen, declined to comment on the matter.
Similar accusations that Rubin had shuffled money among his clients' accounts without authorization were made against the once-prominent financial adviser as early as 2003, according to an arbitration document previously obtained by Y! Sports. In that instance, sources told Y! Sports that former NFL linebacker Barrett Green had two game checks deposited into the accounts of two other players Rubin represented, without Green's authorization.
The genesis of the relationship between Owens and Rubin – who at one time was considered the most prominent football-specific financial adviser in the country – was detailed in a previous Y! Sports investigation.
That investigation revealed that NFL agent Drew Rosenhaus and Rubin had an extensive recruiting and referral relationship which led to the two sharing 26 clients at one point. Many of those 26 players were among a group who lost up to $43.6M in a failed Alabama casino project Rubin urged them to invest in.
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