There is a big difference between giving bad advice and stealing money. T.O. will have to prove the latter in court. Yahoo Sports details the accusations T.O. is making in his lawsuit against Jeff Rubin and his financial firm (Pro Sports Financial).
• That PSF opened an account at Florida-based Bank Atlantic without his knowledge or authorization.
• That Owens’ signature on that account was forged.
• That PSF employee Tequilla Harris and others made “numerous unusual and extraordinary withdrawals” from that account without Owens’ authorization.
• That PSF made “unauthorized loans and or funds transfers” to other PSF clients who held accounts at Bank Atlantic, including former NFL player Jevon Kearse and another Rubin-controlled company, Pankas Holdings.
• That PSF, Rubin and others introduced him to “illegal and highly risky investments” such as a failed casino project in Alabama without properly researching the investments or providing ample risk and assessment disclosures.
• That PSF, Rubin and others failed to follow NFL Players Association regulations on investments.
• That Bank Atlantic aided and abetted PSF, Rubin and others in mismanaging Owens’ finances by allowing an account to be opened and managed in the player’s name without his consent.
If any of that is true, T.O. has a case, but it also points out that he wasn’t paying enough attention to his money. That is a lesson all young athletes should learn. Always know what is going on with your money.