According to Rand Getlin of Yahoo! Sports, Owens is suing the Rosenhaus brothers for breach of fiduciary duty, fraud and negligence. He is seeking to recover up to $6.5 million by contending that Rosenhaus introduced him to financial advisor Jeff Rubin, who allegedly lost millions of Owens’ money.
The lawsuit alleges that the now-banned Rubin had several red flags surrounding his name that Rosenhaus failed to warn TO about. Owens claims that Rubin lost him $5 million in bad investments and cost him another $1.5 million in money that could have been made if it was invested in property.
“Terrell trusted Rosenhaus when he recommended that Terrell hire Rubin as his financial adviser,” Owens’ attorneys, Curtis Carlson and Chase Carlson of Miami-based Carlson & Lewittes, P.A said. “It is completely ridiculous that Rosenhaus would refer a five-time Pro Bowler to a financial advisor who has been accused of stealing from his clients in the past, whose college degree was in Exercise Science, and who was inexperienced. Rosenhaus should have steered Terrell away from Rubin, not toward him.”
Rubin was banned from working in the financial industry by the Financial Industry Regulatory Authority in 2012 for steering a number of clients toward a failed Alabama casino project. The project lost more than $40 million and received investments from 32 current and former NFL players — 18 of which were one-time Rosenhaus clients.
Detailed claims that TO and his attorney have laid out against Rosenhaus can be read here. The 39-year-old Owens has been dealing with a number of financial issues over the past several years, including missed child support payments. He has tried to return to the NFL with very little luck, only coming close with the Seattle Seahawks last summer.