Former NFL Player Mike Rucker Files Lawsuit Against Longtime Financial Advisor For Allegedly Misusing Nearly $3M In Funds
Former Carolina Panther player Mike Rucker filed a lawsuit against his financial advisor, Jon Kubler, claiming that Kubler mismanaged nearly $3 million of his earnings.
Rucker and his wife, Kristina, filed a lawsuit in a North Carolina Business Court in March, alleging that they had unknowingly invested in a Ponzi scheme. The couple, who met Kubler while Rucker was playing football for the University of Nebraska, claims that Kubler persuaded them to invest in his Nebraska commercial real estate company Aksarben in 2009, according to The Charlotte Observer.
They say the investment was a failure and that Kubler did not return their funds or money from other investors.
Of the $5.6 million Kubler and his companies — including Steelpool Inc. and Capital Synergy Partners — had raised for commercial real estate companies, only 4% of the funds were reportedly invested in the ventures.
Kubler had been the Ruckers’ financial advisor for 21 years and in the early 2000s had “integrated himself with Mike, who was not knowledgeable about finance and was focused on a promising NFL career,” the outlet reported.
The couple became aware of the alleged Ponzi scheme when the Securities and Exchange Commission contacted them in 2023.
Additional grievances mentioned in the lawsuit include forged signatures on bank accounts, the misallocation of over $1 million, and deceptive practices that created the illusion of payments entering the accounts when, in fact, funds were merely being “shuffled around.”
Kubler also allegedly deceived Kristina, encouraging her to purchase a $14 million life insurance policy, The Charlotte Observer reported. Kubler reportedly made himself the placing agent of the policy to compensate himself, resulting in a major financial loss for the Ruckers.
In June, the Department of Justice indicted Kubler on securities fraud and money laundering.
The Ruckers are seeking damages with interest, compensation for attorney fees, and their accounting documents, according to the outlet.
