The project was originally pitched to Pro Sports clients through the project developer, who touted Country Crossing’s financial prospects. As word of the offering spread through NFL locker rooms, Rubin received numerous phone calls from clients about the investment and eventually agreed to meet with the project developer.
After the meeting, Rubin recommended the Country Crossing investment to his clients and from August 2008 through July 2010 spearheaded the marketing of the project to all prospective investors. He was reimbursed approximately $600,000 of the offering proceeds for purported marketing expenses when, in fact, Rubin allegedly used the money to fund his lavish lifestyle. His purchases included a mortgage on a multi-million dollar home, lease payments on a Lamborghini Gallardo Spyder, cruise vacations, designer handbags and spa services for friends, and a stake in a Florida nightclub.
In the settlement, Rubin is barred from any affiliation with a broker-dealer, any offerings of penny stock, and cannot serve as an employee, officer, advisor, underwriter or director of any registered investment company or any person affiliated with an investment company. Rubin has informed the SEC that he is unable to pay disgorgement fees and prejudgment interest in the case.
In April 2011, the project developer pled guilty to bribery, money laundering, and other charges, and is currently serving an 80-month sentence.
Earlier this month, the NFL players settled a lawsuit alleging that BB&T bank allowed Rubin to open accounts in their names by forging signatures, among other charges, for an undisclosed amount.
According to the SEC, Rubin has been named as a defendant in several private lawsuits in federal and state court, and has been a respondent in at least two Finra arbitrations.