San Francisco 49ers running back Frank Gore and former Baltimore Ravens linebacker Ray Lewis are among a group of 16 current and former NFL players suing a bank in Florida for the mishandling of funds that resulted in a loss of nearly $60 million.
Jason Cole at the National Football Post has the news:
A lawsuit filed Thursday in Florida by a group of 16 current and former NFL players may be the latest evidence of perhaps the biggest scam of player money in league history.
Two sources said the losses could approach $100 million or more.
The lawsuit, which includes Ray Lewis, Jevon Kearse, Frank Gore and Fred Taylor, claims a Florida-based bank participated in the illegal opening of accounts and transfer of funds that resulted in the players losing nearly $60 million.
According to the report, the players were at one time represented by financial adviser Jeff Rubin.
The lawsuit, which is filed against Branch Banking and Trust (formerly BankAtlantic) for "negligence, breach of fiduciary duty, breach of contract and aiding and abetting," states that Rubin was able to open accounts with players' money via documents that contained forged signatures.
Rubin put that money into his own various investment projects, and the bank, which was allegedly "influenced by the large sum of money Rubin deposited," didn't correctly notify the players when money was transferred in and out of the accounts.
The 16 players include Gore, Lewis, Jevon Kearse, Fred Taylor, Jamal Anderson, Jacob Bell, Tavares Gooden, Santonio Holmes, Greg Jones, Brandon Meriweather, Gerard Warren, Jabar Gaffney, Kenard Lang, Santana Moss, Clinton Portis and Lito Sheppard.
While they are reporting a total loss of just under $60 million, Cole reports that Rubin could have taken upwards of $100 million from more than 100 athletes.
Players reportedly began noticing the wrongdoing back in 2011, but the prosecution has been working on this case for two years.
In addition to the $60 million in lost funds, the prosecution is reportedly considering seeking damages, as well.