February 23, 2025 • 19 mins
The narrative unfolds with a compelling account of financial mismanagement that has devastated the lives of numerous NFL players. At the heart of this saga is Jeff Rubin, a financial advisor who, once revered for his ability to manage the wealth of professional athletes, orchestrated a scheme that resulted in a staggering loss of $43 million. The discussion delves into Rubin's ascent within the financial realm, highlighting how he cultivated trust among his clients, primarily young athletes unfamiliar with the complexities of financial management. His promises of safeguarding their fortunes and providing comprehensive financial services made him an indispensable figure in their lives. However, as the episode progresses, it becomes evident that this trust was misplaced, leading to catastrophic outcomes for those who believed in his assurances. The episode poignantly illustrates the juxtaposition of dreams realized and dreams shattered, leaving listeners to ponder the implications of misplaced trust and the importance of financial literacy among professional athletes.
Takeaways:
- The scandal involving Jeff Rubin serves as a dire warning about misplaced trust in financial advisors.
- Many NFL players were left devastated as they lost significant amounts of money due to Rubin's mismanagement.
- The lack of ongoing oversight in the financial sector allowed Rubin to exploit his clients without consequence.
- The emotional fallout from financial loss can be as severe as the monetary consequences faced by the players.
- The NFL has taken steps to improve the vetting of financial advisors since the Rubin scandal's revelation.
- Education on financial management is paramount for young athletes to prevent exploitation in the future.
- NFL union taps Ameriprise to work with players
- Financial adviser to many NFL stars barred
- Ex-financial adviser apologizes for losing $43M of NFL players' money
- Report -- NFLPA investigating agent Drew Rosenhaus' business ties to Jeff Rubin - ESPN
- UPON FURTHER REVIEW: Real Story of an NFL Lawsuit - Financial Poise
- NFL Players Sacked by Investment Fraud - Barr & Douds Attorneys
- Boxer Floyd Mayweather, Jr.: Alabama casino owner owes $61M - al.com
- Raucous lifestyle leads to fall of Jeff Rubin, former financial adviser to NFL players - Yahoo Sports
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Foreign.
Hey, fangirls.
Welcome back to Fangirl Crime.
I'm your host, Judy.
And today we're diving into astory that's equal parts shocking
and heartbreaking.
Imagine this.
You've spent your entire lifeworking toward a dream.
(00:21):
Making it to the NFL, earningmillions of dollars, and securing
your family's future.
You've made it.
You're living the dream.
But then, in what feels likethe blink of an eye, it's all gone.
Your bank account is empty,your house is foreclosed on, and
you're left wondering how itall went so wrong.
Well, that's exactly whathappened to dozens of NFL players
(00:43):
who trusted financial advisorJeff Rubin.
He didn't just mishandle their money.
He lost $43 million.
Yes, $43 million in one of thebiggest financial scandals in sports
history.
And let me tell you, thisstory has everything.
Betrayal, greed, shadyinvestments, and some serious lessons
about trust.
So grab your snacks and settlein, because we're about to break
(01:05):
down how one man convincedsome of the biggest names in football
to hand over their fortunes.
And how it all came crashing down.
Let's start with Jeff Rubin himself.
Rubin wasn't just anyfinancial Advisor.
By the mid 2000s, he was theguy for NFL players looking to manage
their money.
He ran a company called ProSports Financial out of Florida,
(01:26):
and his whole business modelwas built around catering to athletes.
Ruben wasn't some stiff guy ina suit talking about stocks and bonds.
He was relatable.
He knew how to talk toathletes in a way that made them
feel understood.
And honestly, for these youngmen who were suddenly making millions
of dollars with littleexperience managing wealth, Rubin
seemed like a godsend.
(01:47):
He promised to handle everything.
Investments, bills, taxes, youname it.
He even offered conciergeservices, like running errands or
booking vacations for his clients.
Can you imagine?
You're out there crushing iton the field while someone else takes
care of all the boring adult stuff.
It sounds like a dream.
Ruben built his reputation asa savior for athletes who had been
(02:09):
burned before.
Back in 2001, he helpedseveral NFL players recover money
they'd lost in a Ponzi schemerun by another NFL approved financial
agent named Tank Black.
That move made him a hero inthe eyes of many players.
To them, Ruben wasn't just an advisor.
He was someone who couldprotect them from financial predators.
(02:30):
By 2005, Ruben had built an empire.
His client list read like anNFL All Star roster.
Over 40 players trusted himwith their fortunes.
And let me tell you, fangirls, Ruben wasn't Just managing
their money.
He was living large himself.
Picture this.
Luxury cars, designer suits,VIP boxes.
At games, Rubin was living thehigh life.
(02:52):
But here's the thing about trust.
It can be dangerous whenplaced in the wrong hands.
Now, you might be wondering,wasn't there some kind of oversight
for financial advisors workingwith NFL players?
The answer is kind of.
In 2002, the NFL PlayersAssociation NFLPA created something
called the Financial AdvisorsRegistration Program.
(03:14):
This program was supposed toprotect players from shady advisors
by giving them access to alist of pre vetted professionals.
To get on this list, advisorshad to meet certain criteria.
They needed a college degree,several years of experience in finance,
and a clean background check.
On paper, it sounded great,but in practice, the program had
(03:35):
more holes than Swiss cheese.
Once an advisor was approved,there were no ongoing audits or checks
to make sure they were stilloperating ethically or competently.
This meant that once someonelike Ruben got on the list, he could
essentially operate unchecked.
And here's where things geteven worse.
This program gave players afalse sense of security.
(03:55):
Many athletes assumed that ifan advisor was registered with the
nflpa, they must be trustworthy.
It was like slapping a safesticker on someone without actually
checking what they were up to.
Now let's talk about why NFLplayers are particularly vulnerable
to financial fraud.
Because this is importantcontext for what happens Next.
The average NFL career lastsjust 3.3 years.
(04:17):
That's right.
These guys have shortercareers than most people spend in
college.
During that time, they canearn millions of dollars.
But here's the catch.
Many young athletes havelittle experience managing large
sums of money.
Think about it.
One day you're a collegestudent trying to scrape together
enough cash for pizza.
The next day you're signing amultimillion dollar contract.
(04:38):
It's overwhelming.
And while these athletes arebusy focusing on their careers, training
camps, games, endorsements,they often don't have time to learn
about things like investmentsor taxes.
This combination creates aperfect storm for exploitation.
Someone like Jeff Rubin swoopsin with promises of handling everything
so they can focus on football.
And before they know it,they've handed over control of their
(05:00):
entire financial future.
Now let's get back to JeffRubin and the investment that would
ultimately bring his empirecrashing down.
Country crossing.
In 2008, Rubin came acrosswhat he thought was a golden opportunity.
A massive entertainmentcomplex being developed in Alabama
called Country Crossing.
The project promised everything.
(05:21):
Restaurants, hotels, concertvenues, and most importantly, an
electronic bingo pavilion.
These weren't yourgrandmother's bingo games.
These machines looked andfunctioned like slot machines, but
operated under Alabama's bingolaws that allowed games for charitable
purposes.
Rubin saw dollar signs andbegan aggressively pitching this
(05:41):
investment opportunity to hisNFL clients as if it were the second
coming of sliced bread.
He promised returns of 18% to36% annually, a number so high it
should have raised red flags everywhere.
But here's what Rubin didn't emphasize.
The legality of electronicbingo in Alabama was murky at best.
(06:02):
The state had been crackingdown on similar operations for years
due to ongoing legal battlessurrounding gambling laws.
And let's not forget that theNFL has strict rules against players
participating in gamblingrelated businesses.
To make matters worse, Rubinhimself had a personal stake in country
crossing.
He owned 4% of the project andfunneled 10% of player investments
(06:24):
into his own company as fees.
This blatant conflict ofinterest should have set off alarms
for anyone paying attention,but somehow it didn't.
Despite these glaring redflags, over 40 NFL players invested
approximately $43.6 millioninto Country Crossing under Rubin's
guidance.
$43.6 million.
(06:48):
Let that sink in for a moment.
As you might expect from sucha precarious situation, things didn't
end well.
Country Crossing opened itsdoors in December 2009amid much fanfare
and excitement from investorseager for returns on their investments.
For a brief moment, it seemedlike Rubin's promises might actually
(07:08):
come true.
The complex attracted crowdseager to try their luck at electronic
bingo machines.
But then came January 2010, amere few weeks after opening, when
Alabama Governor Bob Rileyordered a raid on Country Crossing
due to its illegal operationsinvolving electronic bingo machines.
State troopers swarmed inovernight, and just like that, the
(07:29):
operation came crashing down.
What followed was messy legalbattle after messy legal battle,
with Country Crossing'sdevelopers fighting tooth and nail
against state authorities,claiming their operations were legal
under local laws, butultimately losing when Alabama Supreme
Court ruled against them.
With its main source revenuegone and no way to operate legally,
(07:50):
Country Crossing went bankruptfaster than you can say financial
disaster.
And just like that, $43million worth player investments
vanished into thin air.
The fallout from thisfinancial debacle was catastrophic
for both those directlyinvolved and those indirectly impacted
by ripple effects stemmingfrom scandal itself.
(08:10):
Several NFL players lostsignificant amounts of money in the
Country Crossing investmentscheme orchestrated by Jeff Rubin.
Some of the notable playersaffected include Fred Taylor, a former
All Pro running back.
He lost approximately $3million in the investment.
The financial blow was severeenough that Taylor faced foreclosure
on his home.
Vernon Davis, a tight end forthe Washington Redskins at the time,
(08:34):
also lost a substantial amountof money in the scheme.
The exact figure is notspecified, but Davis described the
situation as a nightmare.
Terrell Owens, a well knownwide receiver, was among the high
profile players who lost moneyin the Country Crossing investment.
Ray Lewis, another starplayer, was also reported to have
been financially impacted bythe failed investment.
(08:56):
Or Javon Kerrs, knownaffectionately amongst fans alike.
Simply the freak who lost astaggering $5 million through involvement
alongside Country Crossings itself.
Facing foreclosures galore,alongside mounting debts galore,
it became clear betrayal cutdeeper than mere monetary losses
alone.
And let's not forget aboutJamal Anderson.
(09:18):
A former first round draftpick in 2007, he lost $5 million
in this disaster disastrousinvestment scheme.
For Anderson, the timingcouldn't have been worse.
Injuries had already cut hisNFL career short and this financial
blow was like salt in the wound.
These are just a few examplesof the devastation caused by Ruben's
actions.
(09:38):
Dozens of players foundthemselves in similar situations,
facing foreclosures,repossessions and mounting debts.
Some even had to take out highinterest loans just to make ends
meet after losing everythingthey'd worked so hard for.
But it wasn't just about the money.
Fan girls.
The emotional toll was immense.
(09:58):
These players had trustedRuben with their futures, with their
family's futures, and thattrust had been shattered.
One player who asked to remainanonymous commented, when I got that
call telling me all my moneywas gone, it felt like the ground
had disappeared beneath my feet.
I'd worked my whole life tomake it to the NFL to provide for
my family, and in an instantit was all gone.
(10:21):
How do you explain that toyour kids?
The ripple effects of thisscandal extended far beyond just
the players involved.
Families were torn apart byfinancial stress.
Marriages crumbled under theweight of lost fortunes.
Some players even fell intodepression, struggling to cope with
the sudden loss of theirfinancial security.
It's a stark reminder of howquickly fortunes can change and how
(10:45):
devastating the consequencescan be when trust is misplaced.
But what about Jeff Rubin?
What happened to the manbehind this financial disaster?
As the investigations beganfollowing Country Crossing's collapse,
it became clear that Rubinhadn't merely made bad decisions,
he had broken serious rulesalong the way.
In 2011, the securities andExchange Commission launched an investigation
(11:08):
into Rubin and Pro Sports Financial.
This wasn't a quick process.
It took years of diggingthrough financial records and interviewing
witnesses and piecing togetherthe complex web of transactions that
led to this disaster.
Finally, in September 2015,the SEC announced its findings.
And let me tell you, fangirlsthey were damning.
(11:29):
The SEC found that Rubin hadcommitted multiple violations.
First, he failed to disclosehis personal stake in Country Crossing
to his clients.
Remember that 4% ownership wetalked about earlier?
Yeah.
He conveniently forgot tomention that to the players he was
convincing to invest.
Second, he misused clientfunds by funneling investments into
(11:51):
his own company without proper authorization.
That 10% fee he was charging,turns out it wasn't exactly above
board.
Third, and perhaps mostegregiously, he made false and misleading
statements about the risksassociated with investing in Country
Crossing.
Remember those promises of 18%to 36% annual returns?
The SEC found that Rubin hadno reasonable basis for making those
(12:15):
claims.
As a result of these findings,the SEC barred Rubin from working
as an investment advisor ever again.
They also slapped him with a$250,000 fine, a sum that, while
significant, felt almosttrivial compared to the $43 million
his clients had lost.
The SEC's director ofenforcement didn't mince words when
(12:37):
discussing the case.
He said Rubin took advantageof the trust placed in him by professional
athletes and other clients toconvince them to invest in a project
which he had a financial interest.
But here's the kicker, fangirls.
Despite all this, despite thelives he'd ruined and the millions
lost, Rubin faced no criminal charges.
The justice system, it seemed,had decided that his actions, while
(13:00):
unethical and in violation ofSEC regulations, didn't rise to the
level of criminal behavior.
For many of the playersaffected by Rubin's actions, this
lack of criminal prosecutionfelt like a slap in the face.
They had lost everything, andyet the man responsible would walk
free.
The aftermath of the Rubinscandal sent shockwaves through both
(13:21):
the sports and finance worlds.
It highlighted glaringweaknesses in how athletes finances
were being managed andprotected from exploitation.
In response to this scandalousevent, the NFLPA made several changes
aimed at improving oversightwithin its financial advisors registration
program.
They increased experiencerequirements for advisors from three
(13:42):
years to eight.
The idea was that moreexperienced advisors would be less
likely to make the kind ofreckless decisions that led to the
Country Crossing disaster.
They began conducting regularbackground checks every two years
instead of only at initial registration.
This was an attempt to catchany red flags that might pop up after
an advisor had been approved.
(14:03):
Perhaps most importantly, theyprohibited advisors from maintaining
custody over player funds orassets altogether.
This was a direct response tohow Ruben had been able to funnel
player investments into hisown company.
The NFL itself also stepped upefforts aimed at educating players
about financial management.
They introduced mandatoryrookie symposiums that focused on
(14:25):
teaching essential lessonsabout financial literacy and avoiding
fraud.
But despite these changesbeing implemented post Rubin's scandal,
many argue that more stillneeds to be done.
Drew Hawkins, a financialeducation expert who works directly
with athletes, put it bluntly,the Rubin case was indeed eye opening,
but we're still seeing playersfall victim to bad investments or
(14:48):
fraud.
There's a need for ongoingeducation and support throughout
players careers, not just whenthey first enter the league Fan Girls
Lets talk about the harshrealities of life after the NFL.
Again, the average player'scareer is shockingly brief, lasting
just 3.3 years.
This means these athletes havea tiny window to earn their fortune
and plan for the future.
(15:09):
And here's where it getsreally scary.
A staggering 78% of NFLplayers find themselves broke or
under serious financial stresswithin two years of hanging up their
cleats.
It's not just about money, though.
Many retired players faceemotional trauma and identity crises
as they struggle to transitionto life after football.
(15:30):
The physical toll is equallybrutal, with the NFL seeing 10 times
more injuries per game thanother pro sports.
This perfect storm of shortcareers, financial instability and
physical wear and tear createsa challenging post NFL landscape
that many players are sadlyunprepared to navigate.
(15:50):
So what can we learn from thiscautionary tale?
Fan Girls first and foremost,it reinforces how crucial it is to
always question everythingwhen dealing with finances.
If something sounds too goodto be true, like those promises of
36% annual returns, itprobably is.
Those sky high promises areoften just bait designed to lure
in unsuspecting victims.
(16:11):
Secondly, it's vital to doyour homework before trusting anyone
else to manage your finances.
Research potential advisorsthoroughly before handing over your
hard earned cash.
Check their credentials, lookfor any complaints or legal issues,
and don't be afraid to ask for references.
And perhaps most importantly,always stay involved in your finances.
(16:33):
Even if you have someone youtrust helping out, you need to know
where your money is going andunderstand how it's being used.
After all, it's ultimatelyyour future at stake.
This case also highlights theneed for better financial education,
especially for young athleteswho suddenly find themselves with
more money than they've everseen before.
(16:53):
Understanding basic financialprinciples like the importance of
diversification, the risksassociated with different types of
investments, and how to readfinancial statements can go a long
way in protecting oneself fromfraudsters like Rubin.
As we wrap up today's episode,I can't help but feel a mix of emotions.
There's anger towards JeffRubin for betraying the trust placed
(17:14):
in him by so many players.
There's sadness for thoseimpacted by this scandalous affair.
Players who saw their dreamsof financial security shattered,
families who suffered theconsequences of one man's greed.
Yet amidst these feelings,lies hope.
Hope that by sharing storieslike these, we can prevent similar
tragedies from occurring inthe future.
(17:35):
Hope that athletes, and indeedall of us, will become more financially
savvy and better protectedfrom those who would take advantage
of our trust.
Remember, fangirls, in theworld of finance, as in true crime,
things aren't always what they seem.
Stay vigilant, stay informed,and never be afraid to ask questions
or seek second opinions whenit comes to your money.
(17:57):
This case serves as a starkreminder that even those we trust
most can sometimes betray us.
It's a lesson in theimportance of due diligence, of not
being blinded by promises ofeasy riches, and of always keeping
a watchful eye on our own finances.
But it's also a call toaction, a call for better oversight
(18:18):
in the world of sportsfinance, a call for more comprehensive
financial education forathletes, and a call for all of us
to be more aware of thepotential pitfalls when it comes
to managing our money.
As we close out this episode,I want to leave you with this thought.
Trust is earned, not given.
And when it comes to yourfinances, a healthy dose of skepticism
(18:39):
can go a long way inprotecting your future.
If you enjoyed today's episodeor learned something new, please
subscribe to Fangirl Crimewherever you get your podcasts.
And don't forget to reach outto us on our website or social media
to share your thoughts on thiscase or suggest ideas for future
episodes.
Hit the subscribe button soyou don't miss an episode.
(19:00):
Until next time, fangirls,Stay safe, stay smart, and keep your
eyes peeled for the next bigcrime story waiting to unfold.
Foreign.
Hey, fangirls.
Welcome back to Fangirl Crime.
I'm your host, Judy.
And today we're diving into astory that's equal parts shocking
and heartbreaking.
Imagine this.
You've spent your entire lifeworking toward a dream.
(00:21):
Making it to the NFL, earningmillions of dollars, and securing
your family's future.
You've made it.
You're living the dream.
But then, in what feels likethe blink of an eye, it's all gone.
Your bank account is empty,your house is foreclosed on, and
you're left wondering how itall went so wrong.
Well, that's exactly whathappened to dozens of NFL players
(00:43):
who trusted financial advisorJeff Rubin.
He didn't just mishandle their money.
He lost $43 million.
Yes, $43 million in one of thebiggest financial scandals in sports
history.
And let me tell you, thisstory has everything.
Betrayal, greed, shadyinvestments, and some serious lessons
about trust.
So grab your snacks and settlein, because we're about to break
(01:05):
down how one man convincedsome of the biggest names in football
to hand over their fortunes.
And how it all came crashing down.
Let's start with Jeff Rubin himself.
Rubin wasn't just anyfinancial Advisor.
By the mid 2000s, he was theguy for NFL players looking to manage
their money.
He ran a company called ProSports Financial out of Florida,
(01:26):
and his whole business modelwas built around catering to athletes.
Ruben wasn't some stiff guy ina suit talking about stocks and bonds.
He was relatable.
He knew how to talk toathletes in a way that made them
feel understood.
And honestly, for these youngmen who were suddenly making millions
of dollars with littleexperience managing wealth, Rubin
seemed like a godsend.
(01:47):
He promised to handle everything.
Investments, bills, taxes, youname it.
He even offered conciergeservices, like running errands or
booking vacations for his clients.
Can you imagine?
You're out there crushing iton the field while someone else takes
care of all the boring adult stuff.
It sounds like a dream.
Ruben built his reputation asa savior for athletes who had been
(02:09):
burned before.
Back in 2001, he helpedseveral NFL players recover money
they'd lost in a Ponzi schemerun by another NFL approved financial
agent named Tank Black.
That move made him a hero inthe eyes of many players.
To them, Ruben wasn't just an advisor.
He was someone who couldprotect them from financial predators.
(02:30):
By 2005, Ruben had built an empire.
His client list read like anNFL All Star roster.
Over 40 players trusted himwith their fortunes.
And let me tell you, fangirls, Ruben wasn't Just managing
their money.
He was living large himself.
Picture this.
Luxury cars, designer suits,VIP boxes.
At games, Rubin was living thehigh life.
(02:52):
But here's the thing about trust.
It can be dangerous whenplaced in the wrong hands.
Now, you might be wondering,wasn't there some kind of oversight
for financial advisors workingwith NFL players?
The answer is kind of.
In 2002, the NFL PlayersAssociation NFLPA created something
called the Financial AdvisorsRegistration Program.
(03:14):
This program was supposed toprotect players from shady advisors
by giving them access to alist of pre vetted professionals.
To get on this list, advisorshad to meet certain criteria.
They needed a college degree,several years of experience in finance,
and a clean background check.
On paper, it sounded great,but in practice, the program had
(03:35):
more holes than Swiss cheese.
Once an advisor was approved,there were no ongoing audits or checks
to make sure they were stilloperating ethically or competently.
This meant that once someonelike Ruben got on the list, he could
essentially operate unchecked.
And here's where things geteven worse.
This program gave players afalse sense of security.
(03:55):
Many athletes assumed that ifan advisor was registered with the
nflpa, they must be trustworthy.
It was like slapping a safesticker on someone without actually
checking what they were up to.
Now let's talk about why NFLplayers are particularly vulnerable
to financial fraud.
Because this is importantcontext for what happens Next.
The average NFL career lastsjust 3.3 years.
(04:17):
That's right.
These guys have shortercareers than most people spend in
college.
During that time, they canearn millions of dollars.
But here's the catch.
Many young athletes havelittle experience managing large
sums of money.
Think about it.
One day you're a collegestudent trying to scrape together
enough cash for pizza.
The next day you're signing amultimillion dollar contract.
(04:38):
It's overwhelming.
And while these athletes arebusy focusing on their careers, training
camps, games, endorsements,they often don't have time to learn
about things like investmentsor taxes.
This combination creates aperfect storm for exploitation.
Someone like Jeff Rubin swoopsin with promises of handling everything
so they can focus on football.
And before they know it,they've handed over control of their
(05:00):
entire financial future.
Now let's get back to JeffRubin and the investment that would
ultimately bring his empirecrashing down.
Country crossing.
In 2008, Rubin came acrosswhat he thought was a golden opportunity.
A massive entertainmentcomplex being developed in Alabama
called Country Crossing.
The project promised everything.
(05:21):
Restaurants, hotels, concertvenues, and most importantly, an
electronic bingo pavilion.
These weren't yourgrandmother's bingo games.
These machines looked andfunctioned like slot machines, but
operated under Alabama's bingolaws that allowed games for charitable
purposes.
Rubin saw dollar signs andbegan aggressively pitching this
(05:41):
investment opportunity to hisNFL clients as if it were the second
coming of sliced bread.
He promised returns of 18% to36% annually, a number so high it
should have raised red flags everywhere.
But here's what Rubin didn't emphasize.
The legality of electronicbingo in Alabama was murky at best.
(06:02):
The state had been crackingdown on similar operations for years
due to ongoing legal battlessurrounding gambling laws.
And let's not forget that theNFL has strict rules against players
participating in gamblingrelated businesses.
To make matters worse, Rubinhimself had a personal stake in country
crossing.
He owned 4% of the project andfunneled 10% of player investments
(06:24):
into his own company as fees.
This blatant conflict ofinterest should have set off alarms
for anyone paying attention,but somehow it didn't.
Despite these glaring redflags, over 40 NFL players invested
approximately $43.6 millioninto Country Crossing under Rubin's
guidance.
$43.6 million.
(06:48):
Let that sink in for a moment.
As you might expect from sucha precarious situation, things didn't
end well.
Country Crossing opened itsdoors in December 2009amid much fanfare
and excitement from investorseager for returns on their investments.
For a brief moment, it seemedlike Rubin's promises might actually
(07:08):
come true.
The complex attracted crowdseager to try their luck at electronic
bingo machines.
But then came January 2010, amere few weeks after opening, when
Alabama Governor Bob Rileyordered a raid on Country Crossing
due to its illegal operationsinvolving electronic bingo machines.
State troopers swarmed inovernight, and just like that, the
(07:29):
operation came crashing down.
What followed was messy legalbattle after messy legal battle,
with Country Crossing'sdevelopers fighting tooth and nail
against state authorities,claiming their operations were legal
under local laws, butultimately losing when Alabama Supreme
Court ruled against them.
With its main source revenuegone and no way to operate legally,
(07:50):
Country Crossing went bankruptfaster than you can say financial
disaster.
And just like that, $43million worth player investments
vanished into thin air.
The fallout from thisfinancial debacle was catastrophic
for both those directlyinvolved and those indirectly impacted
by ripple effects stemmingfrom scandal itself.
(08:10):
Several NFL players lostsignificant amounts of money in the
Country Crossing investmentscheme orchestrated by Jeff Rubin.
Some of the notable playersaffected include Fred Taylor, a former
All Pro running back.
He lost approximately $3million in the investment.
The financial blow was severeenough that Taylor faced foreclosure
on his home.
Vernon Davis, a tight end forthe Washington Redskins at the time,
(08:34):
also lost a substantial amountof money in the scheme.
The exact figure is notspecified, but Davis described the
situation as a nightmare.
Terrell Owens, a well knownwide receiver, was among the high
profile players who lost moneyin the Country Crossing investment.
Ray Lewis, another starplayer, was also reported to have
been financially impacted bythe failed investment.
(08:56):
Or Javon Kerrs, knownaffectionately amongst fans alike.
Simply the freak who lost astaggering $5 million through involvement
alongside Country Crossings itself.
Facing foreclosures galore,alongside mounting debts galore,
it became clear betrayal cutdeeper than mere monetary losses
alone.
And let's not forget aboutJamal Anderson.
(09:18):
A former first round draftpick in 2007, he lost $5 million
in this disaster disastrousinvestment scheme.
For Anderson, the timingcouldn't have been worse.
Injuries had already cut hisNFL career short and this financial
blow was like salt in the wound.
These are just a few examplesof the devastation caused by Ruben's
actions.
(09:38):
Dozens of players foundthemselves in similar situations,
facing foreclosures,repossessions and mounting debts.
Some even had to take out highinterest loans just to make ends
meet after losing everythingthey'd worked so hard for.
But it wasn't just about the money.
Fan girls.
The emotional toll was immense.
(09:58):
These players had trustedRuben with their futures, with their
family's futures, and thattrust had been shattered.
One player who asked to remainanonymous commented, when I got that
call telling me all my moneywas gone, it felt like the ground
had disappeared beneath my feet.
I'd worked my whole life tomake it to the NFL to provide for
my family, and in an instantit was all gone.
(10:21):
How do you explain that toyour kids?
The ripple effects of thisscandal extended far beyond just
the players involved.
Families were torn apart byfinancial stress.
Marriages crumbled under theweight of lost fortunes.
Some players even fell intodepression, struggling to cope with
the sudden loss of theirfinancial security.
It's a stark reminder of howquickly fortunes can change and how
(10:45):
devastating the consequencescan be when trust is misplaced.
But what about Jeff Rubin?
What happened to the manbehind this financial disaster?
As the investigations beganfollowing Country Crossing's collapse,
it became clear that Rubinhadn't merely made bad decisions,
he had broken serious rulesalong the way.
In 2011, the securities andExchange Commission launched an investigation
(11:08):
into Rubin and Pro Sports Financial.
This wasn't a quick process.
It took years of diggingthrough financial records and interviewing
witnesses and piecing togetherthe complex web of transactions that
led to this disaster.
Finally, in September 2015,the SEC announced its findings.
And let me tell you, fangirlsthey were damning.
(11:29):
The SEC found that Rubin hadcommitted multiple violations.
First, he failed to disclosehis personal stake in Country Crossing
to his clients.
Remember that 4% ownership wetalked about earlier?
Yeah.
He conveniently forgot tomention that to the players he was
convincing to invest.
Second, he misused clientfunds by funneling investments into
(11:51):
his own company without proper authorization.
That 10% fee he was charging,turns out it wasn't exactly above
board.
Third, and perhaps mostegregiously, he made false and misleading
statements about the risksassociated with investing in Country
Crossing.
Remember those promises of 18%to 36% annual returns?
The SEC found that Rubin hadno reasonable basis for making those
(12:15):
claims.
As a result of these findings,the SEC barred Rubin from working
as an investment advisor ever again.
They also slapped him with a$250,000 fine, a sum that, while
significant, felt almosttrivial compared to the $43 million
his clients had lost.
The SEC's director ofenforcement didn't mince words when
(12:37):
discussing the case.
He said Rubin took advantageof the trust placed in him by professional
athletes and other clients toconvince them to invest in a project
which he had a financial interest.
But here's the kicker, fangirls.
Despite all this, despite thelives he'd ruined and the millions
lost, Rubin faced no criminal charges.
The justice system, it seemed,had decided that his actions, while
(13:00):
unethical and in violation ofSEC regulations, didn't rise to the
level of criminal behavior.
For many of the playersaffected by Rubin's actions, this
lack of criminal prosecutionfelt like a slap in the face.
They had lost everything, andyet the man responsible would walk
free.
The aftermath of the Rubinscandal sent shockwaves through both
(13:21):
the sports and finance worlds.
It highlighted glaringweaknesses in how athletes finances
were being managed andprotected from exploitation.
In response to this scandalousevent, the NFLPA made several changes
aimed at improving oversightwithin its financial advisors registration
program.
They increased experiencerequirements for advisors from three
(13:42):
years to eight.
The idea was that moreexperienced advisors would be less
likely to make the kind ofreckless decisions that led to the
Country Crossing disaster.
They began conducting regularbackground checks every two years
instead of only at initial registration.
This was an attempt to catchany red flags that might pop up after
an advisor had been approved.
(14:03):
Perhaps most importantly, theyprohibited advisors from maintaining
custody over player funds orassets altogether.
This was a direct response tohow Ruben had been able to funnel
player investments into hisown company.
The NFL itself also stepped upefforts aimed at educating players
about financial management.
They introduced mandatoryrookie symposiums that focused on
(14:25):
teaching essential lessonsabout financial literacy and avoiding
fraud.
But despite these changesbeing implemented post Rubin's scandal,
many argue that more stillneeds to be done.
Drew Hawkins, a financialeducation expert who works directly
with athletes, put it bluntly,the Rubin case was indeed eye opening,
but we're still seeing playersfall victim to bad investments or
(14:48):
fraud.
There's a need for ongoingeducation and support throughout
players careers, not just whenthey first enter the league Fan Girls
Lets talk about the harshrealities of life after the NFL.
Again, the average player'scareer is shockingly brief, lasting
just 3.3 years.
This means these athletes havea tiny window to earn their fortune
and plan for the future.
(15:09):
And here's where it getsreally scary.
A staggering 78% of NFLplayers find themselves broke or
under serious financial stresswithin two years of hanging up their
cleats.
It's not just about money, though.
Many retired players faceemotional trauma and identity crises
as they struggle to transitionto life after football.
(15:30):
The physical toll is equallybrutal, with the NFL seeing 10 times
more injuries per game thanother pro sports.
This perfect storm of shortcareers, financial instability and
physical wear and tear createsa challenging post NFL landscape
that many players are sadlyunprepared to navigate.
(15:50):
So what can we learn from thiscautionary tale?
Fan Girls first and foremost,it reinforces how crucial it is to
always question everythingwhen dealing with finances.
If something sounds too goodto be true, like those promises of
36% annual returns, itprobably is.
Those sky high promises areoften just bait designed to lure
in unsuspecting victims.
(16:11):
Secondly, it's vital to doyour homework before trusting anyone
else to manage your finances.
Research potential advisorsthoroughly before handing over your
hard earned cash.
Check their credentials, lookfor any complaints or legal issues,
and don't be afraid to ask for references.
And perhaps most importantly,always stay involved in your finances.
(16:33):
Even if you have someone youtrust helping out, you need to know
where your money is going andunderstand how it's being used.
After all, it's ultimatelyyour future at stake.
This case also highlights theneed for better financial education,
especially for young athleteswho suddenly find themselves with
more money than they've everseen before.
(16:53):
Understanding basic financialprinciples like the importance of
diversification, the risksassociated with different types of
investments, and how to readfinancial statements can go a long
way in protecting oneself fromfraudsters like Rubin.
As we wrap up today's episode,I can't help but feel a mix of emotions.
There's anger towards JeffRubin for betraying the trust placed
(17:14):
in him by so many players.
There's sadness for thoseimpacted by this scandalous affair.
Players who saw their dreamsof financial security shattered,
families who suffered theconsequences of one man's greed.
Yet amidst these feelings,lies hope.
Hope that by sharing storieslike these, we can prevent similar
tragedies from occurring inthe future.
(17:35):
Hope that athletes, and indeedall of us, will become more financially
savvy and better protectedfrom those who would take advantage
of our trust.
Remember, fangirls, in theworld of finance, as in true crime,
things aren't always what they seem.
Stay vigilant, stay informed,and never be afraid to ask questions
or seek second opinions whenit comes to your money.
(17:57):
This case serves as a starkreminder that even those we trust
most can sometimes betray us.
It's a lesson in theimportance of due diligence, of not
being blinded by promises ofeasy riches, and of always keeping
a watchful eye on our own finances.
But it's also a call toaction, a call for better oversight
(18:18):
in the world of sportsfinance, a call for more comprehensive
financial education forathletes, and a call for all of us
to be more aware of thepotential pitfalls when it comes
to managing our money.
As we close out this episode,I want to leave you with this thought.
Trust is earned, not given.
And when it comes to yourfinances, a healthy dose of skepticism
(18:39):
can go a long way inprotecting your future.
If you enjoyed today's episodeor learned something new, please
subscribe to Fangirl Crimewherever you get your podcasts.
And don't forget to reach outto us on our website or social media
to share your thoughts on thiscase or suggest ideas for future
episodes.
Hit the subscribe button soyou don't miss an episode.
(19:00):
Until next time, fangirls,Stay safe, stay smart, and keep your
eyes peeled for the next bigcrime story waiting to unfold.
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