Former NFL wide receiver Terrell Owens is looking to his former agents Drew and Jason Rosenhaus, to recoup $6.5 million of losses incurred because of actions by Jeffrey Rubin of Lighthouse Point, the financial adviser the Rosenhaus brothers recommended.
According to the Daily Business Review, the lawsuit names the Rosenhaus brothers and their company Rosenhaus Sports Representation, Inc. as defendants. The complaint accuses the defendants of breach of fiduciary duty, negligence and fraud and seeks $5 million in investment losses, plus $1.5 million in lost opportunity damages.
According to Owens, Drew Rosenhaus recommended that Owens hire financial adviser Jeff Rubin and his company Pro Sports Financial, a concierge financial service that took care of nearly every need for its clients, from insurance to bill paying to running errands. The complaint claims that the Rosenhaus brothers recommended Rubin solely because Rubin referred clients to Rosenhaus Sports Representation and not because of his expertise or abilities as a financial advisor. The complaint further alleges that defendants knew, or should have known, of numerous red flags regarding Rubin, including that he had been accused of stealing from his clients in the past, was inexperienced, was using illegal drugs, and had failed a number of securities exams.
In March 2013, the Financial Industry Regulatory Authority (“FINRA”) barred Rubin from the securities industry for making unsuitable recommendations and engaging in unapproved transactions involving 31 NFL football players – including Owens.