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