NFLPA Investigating Drew Rosenhaus, Financial Adviser

NFL agent Drew Rosenhaus could be in some trouble as he and his former financial advisor Jeff Rubin are being investigated by the NFL Players Association for persuading clients to invest in a failed Alabama bingo casino. Rosenhaus and Rubin have had a business relationship for approximately seven years, and their relationship could be breaching fiduciary duties that Rosenhaus has with the NFLPA and his clients.

Rubin is being scrutinized due to bankruptcy filings for the failed casino that cost NFL players approximately $43.6 million. Another reason this is an issue is that back in 2003 Rubin allegedly mismanaged NFL players checks, and in 2004 he is being accused of falsifying insurance documents.

The NFLPA feels that Rosenhaus should have kept his clients away from Rubin due to his past. Rosenhaus has come out and said that he does not believe Rubin has done anything illegal:

“Let me say this on the record, I had no reason to believe that Jeff Rubin was doing anything illegal or irresponsible or unethical,” Drew Rosenhaus said. “We never had any inkling that he was ever dishonest. We never had a player come to us until this casino fell apart.”

If Rosenhaus is found to have violated any NFLPA regulations surronding agent conduct, he could be subject to discipline by the union. Steering players to invest with Rubin could fall into that category due to his past allegations.

Attorney Darren Heitner, who represented Rosenhaus in a collection matter against a former client, said that part of a sports agent duty is to disclose information to their clients, since players do not always know about all of their business matters.

If Rosenhaus knew of Rubin’s past and did nothing about warning his clients, then this is where he could be in trouble with the NFLPA for not keeping his clients informed of who they were doing business with.