Former NFL star wide receiver Terrell Owens is suing his one-time agent Drew Rosenhaus, claiming he steered him to an “incompetent and unethical” financial adviser.
The adviser, Jeffrey Brett Rubin of Lighthouse Point, lost money handed over by 31 NFL players, steering $40 million into an Alabama casino venture that went bankrupt. Eighteen of the players were Rosenhaus clients, including Plaxico Burress, Frank Gore, Fred Taylor and Santana Moss.
Rubin was banned in March from working in the financial industry for life by the self-regulatory Financial Industry Regulatory Authority.
Miami attorney Curtis Carlson, a partner at Carlson & Lewittes, represents Owens. The firm said this is the first lawsuit against Rosenhaus for referring his clients to Rubin.
The lawsuit names as defendants Rosenhaus, his brother Jason Rosenhaus and their agency, Rosenhaus Sports Representation Inc. Jason Rosenhaus is vice president of the agency.
Drew Rosenhaus said he had no comment at this time.
Owens, who hasn’t suited up for a team since 2010, is seeking $6.5 million, claiming breach of fiduciary duty, negligence and fraud. He claims Rosenhaus steered him to Rubin and his Fort Lauderdale-based company, Pro Sports Financial Inc., in 2005.
Owens hired Rubin for investment advice, financial planning, cash management, bill paying and tax preparation.
“Rubin completely controlled all of Owens’ finances, with all of Owens’ checks from NFL teams going into a bank account controlled by Rubin, with Rubin making all investment decisions with Owens’ money and with Rubin paying all of Owens’ bills,” the lawsuit states.
The complaint filed Thursday in Miami-Dade Circuit Court claims Owens lost nearly $5 million with Rubin. It also claims those investments should have made $1.5 million.
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