FINRA bars broker after NFL players lost millions

    2013-03-07 10:43

WASHINGTON (AP) - The Financial Industry Regulatory Authority, Wall Street's self-regulator, has barred a broker from the securities industry after he led dozens of NFL players to a controversial casino project that lost them more than $40 million.

FINRA said Thursday that Jeffrey Rubin of Lighthouse Point, Fla., made unsuitable recommendations to his customer, an unnamed NFL player, to invest in high-risk securities tied to an Alabama casino that went bankrupt.

The unnamed player lost $3 million. Rubin referred other investors - 30 other NFL players - to the Country Crossing project. They lost about $40 million.

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Rubin neither admitted nor denied the charges, but consented to the entry of FINRA's findings.