Retired former NFL Pro Bowler and Carolina Panthers legend Mike Rucker filed a lawsuit with the North Carolina Business Court to sue his longtime financial adviser after losing nearly $3 million in a commercial real estate Ponzi scheme.
The Charlotte Observer reported that Jon Kubler, who managed the Rucker family’s finances for more than 20 years, and his companies raised approximately $5.6 million in total, but invested only 4 percent of those funds. Mike Rucker and his family have cited over $2.8 million in losses.
The Securities and Exchange Commission (SEC) notified Mike Rucker and his family about Jon Kubler’s Ponzi scheme back in 2023. The SEC disclosed that Kubler used the embezzled money to make Ponzi-like payments to earlier investors and took the profits for his personal use. Some of those purchases were used to buy antiques and pay for expensive online dating services.
GettyMike Rucker first met Jon Kubler at the University of Nebraska when he was playing college football.
How Did Mike Rucker Lose $3 Million in a Pozi Scheme?
Mike Rucker retired from the NFL after nine years with the Carolina Panthers in 2007. In 2009, Kubler convinced Rucker and his wife Kristina, to invest in Aksarben, a commercial real estate company in Nebraska under his control. Kubler made it seem that they were receiving payments when he was only “shuffling money around.”
The Ruckers have alleged that Kubler forged their signatures to open bank accounts in their own names. The lawsuit claims that Kubler diverted more than $1 million of their funds to a company called Aksarben, which tanked in 2017.
In addition, Kubler convinced Rucker’s wife to take out a $14 million life insurance policy to generate fees and commission for himself. The Ruckers family lawsuit also details how Kulber mismanaged property management contracts for their real estate dealings in Nebraska.
For example, Mike Rucker and his wife wanted to build a house in 2022. Kulber took control of a line of credit they had secured. Kubler used that line to pay himself roughly $100,000 even after their house was already built.
The Ruckers claimed no knowledge of this Ponzi scheme from Kubler. The family was not aware of anything until they were notified by the SEC. Mike Rucker and his wife are seeking damages with interest for their losses, including attorney’s fees and all their accounting documents.
Jon Kubler was indicted by the Justice Department on securities fraud and money laundering charges. Earlier this year, Kubler settled the SEC’s claims and agreed to pay penalties. The SEC has claimed that Kubler defrauded as many as 30 investors and took roughly $4 million in total.
GettyMike Rucker finished second on the all-time tackles list for the Carolina Panthers.
What Happens Next for Panthers Legend Mike Rucker?
As a franchise legend, the news of Kubler’s Ponzi scheme impacting Rucker for more than 15 years must come as a shock to most NFL players in similar situations. Rucker’s situation could serve as a warning for other players.
The two-time NCAA National Champion has been an extremely vocal advocate for helping retired NFL players. During an interview with Panthers.com, Rucker spoke about his recent work with the NFL Legends group. He discussed how legends can make better post-playing career choices:
“If you just retired from the NFL, or if I ran into you in an elevator and found out you played, I want to make sure the information we have on you is current. And we want to know what have you been doing? What do you want to do? We want to use our resources, our sponsorships, these programs that we have in place to help guys further their careers in the business world.”
This Ponzi scheme may have caused Mike Rucker a great deal of financial hardship, but his own experience helping NFL legends could help him adapt faster than most to the situation.
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