Reporting Derek Valcourt
Filed underBusiness, Consumer News, Local, News, NFL, Ravens, Sports, Syndicated Local, Syndicated Sports
BALTIMORE (WJZ) — Millions and millions of dollars lost. Ray Lewis is one of more than a dozen former NFL players who filed a massive lawsuit against banking giant BB&T.
Derek Valcourt explains why the players say the bank owes them more than $60 million.
The lawsuit alleges people connected with the bank literally forged athletes’ signatures and made millions in unauthorized withdrawals.
Ray Lewis’ work on the field made him one of the highest earning Ravens of all time. Now, this $60 million lawsuit filed against BB&T, claims the bank — through one of its business partners — lost $3.778 million of the legendary linebacker’s money.
And he isn’t alone. Fifteen other current and former NFL players join him in saying they lost millions in unauthorized bank transactions.
The allegations center around former financial adviser Jeff Rubin, whose firm, Pro Sports Financial, helped athletes pay bills and manage money.
The suit alleges a bank, acquired by BB&T, allowed Rubin and his employees to open accounts in the athletes’ names.
“Without powers of attorney, without authorization. I mean, clearly forged documents. They were using this account to wire money in and out to different things that Jeff wanted to,” said Andrew Kagan, attorney.
That includes investments like an Alabama entertainment complex called Center Stage, which was later raided by Alabama’s attorney general for having illegal gambling machines. They were investments the athletes say they never knew about.
For its part, BB&T issued a statement, saying:
“While we have not had the opportunity to review the allegations in detail, we understand this case concerns actions taken by BankAtlantic prior to its acquisition by BB&T in 2012. Because this is pending litigation, we cannot comment further.”
The financial adviser at the center of the case has been banned for life by securities regulators after high-risk investments lost millions for other NFL players, including Terrell Owens.
The case will now wind its way through federal courts.
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