Group of 16 NFL players alter lawsuit claim to about $53M against bank

Rand Getlin
Yahoo SportsNovember 1, 2013

Attorneys for 16 current and former NFL players who are suing North Carolina-based bank BB&T have amended their complaint, which now lists roughly $52.6 million in alleged investment losses, according to legal documents obtained by Yahoo Sports.

Among the players involved in the lawsuit that was filed on Thursday are Ray Lewis, Brandon Meriweather, Frank Gore and Santonio Holmes. Several are accusing BB&T of allowing now-banned financial adviser Jeff Rubin and his employees at Pro Sports Financial to open accounts in their names and place tens of millions of dollars in dubious, unauthorized investments, including an illegal Alabama casino venture.

The complaint was amended to reflect a change in Frank Gore's alleged losses. The original complaint listed $8,745,000 in alleged losses; that number is now $1,600,000.

Rubin was banned from working in the financial industry for life in March of 2012 by the Financial Industry Regulatory Authority for recommending that players invest in the illegal gambling project that resulted in the loss of more than $40 million by 32 NFL players.

The National Football League Players Association sent a memo to players in May – two months after Rubin was banned by FINRA – announcing the ban and stating that Rubin was no longer registered in its financial adviser program. Rubin had been registered in the program from 2002-2009, during much of the time he was involved in the conduct that allegedly led to the losses laid out in the current case against BB&T and those that came before it.

The NFLPA did not return calls seeking comment on the lawsuit.

Alleged losses in players' lawsuit against BB&T
Jevon Kearse – $7,958,000
Jamaal Anderson – $5,813,000
Lito Sheppard – $5,011,000
Santana Moss – $4,852,000
Ray Lewis – $3,778,000
Brandon Meriweather – $3,545,000
Jacob Bell – $3,339,000
Clinton Portis – $3,136,000
Gerard Warren – $3,000,000
Fred Taylor – $2,993,000
Derrick Gaffney – $2,295,000
Greg Jones – $2,006,000
Kenard Lang – $1,648,000
Frank Gore – $1,600,000
Santonio Holmes – $1,159,000
Tavares Gooden – $515,000