FINRA announced they have barred FINRA registered financial advisor Jeffrey Rubin after he directed his NFL player clients to invest in a now bankrupt casino project. Investment losses incurred by over 30 NFL players are said to be $40 Million.

One player reportedly lost over $3 Million dollars in the investment scheme recommended by Rubin.

The Wall Street Journal Reported:

Brad Bennett, Finra’s chief of enforcement, said Mr. Rubin’s case demonstrates how broker misconduct can target “high-income, inexperienced and vulnerable investors.”

The charges against Jeffrey Rubin are based on recommending investments that were unsuitable for his clients’ risk tolerances and stated objectives, as well as what is commonly known as “selling-away,” or offering security products not approved by the registered advisor’s broker-dealer.

Most of Jeffrey Rubin’s clients were current or former NFL players. Interestingly, the NFL Players Association has implemented an endorsed financial advisor program to protect players from receiving poor financial advice.

While it’s still unclear whether or not Jeffrey Rubin was part of the NFLPA’s registered financial advisor program, this incident shows how even with multiple safeguards in place, investors can still be taken advantage of by unscrupulous financial advisors.