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NFL Players Lost $43M on (((Jeff Rubin’s))) Financial Advice

Jeff Rubin, left, and CBS' Armen Keteyian PHOTO: CBS News

21 October 2016

CBS NEWS — Jeff Rubin says he wishes he never set foot in Alabama. That’s where a risky investment he made went bust, losing several NFL players a total of $43 million. The disgraced financial adviser gives his first interview to 60 Minutes about a debacle that became the largest financial loss ever for NFL players at the hands of one investment adviser. …

Rubin convinced his clients to invest in an entertainment and gambling development called Country Crossing that featured electronic bingo machines. Electronic bingo was later deemed illegal by Alabama Governor Bob Riley. Country Crossing was raided shortly after it opened. Given the NFL’s abhorrence of gambling, how could he get his players involved in the deal, asks Keteyian. “Armen, you’re completely correct…if I can go back in time, I wish I’d never set foot in Alabama.”

After he put his players in the Country Crossing deal, a document outlining the risks to investors included a line that specifically pointed out the electronic bingo machines could be deemed illegal in Alabama. Rubin says he doesn’t know if his players received this document. “Is that negligent?” asks Keteyian. “I don’t know…I’m not really sure…I don’t know the answer to that question…Looking at it now, it’s awful, okay? I put my trust in a lot of attorneys, just like the players put their trust in me.” […]

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