A bit of recent Carolina Panthers news has nothing to do with a current player. It's also not about football at all. Mike Rucker, a former defensive end and Pro Bowl player, is suing his financial advisor after $3 million of his family's money was unwittingly invested in a Ponzi scheme.
Per the report, the lawsuit was filed by the Rucker family in March. It is against Jon Kubler, a financial advisor who had managed the family's money for over two decades. The Ruckers were first alerted to a potential Ponzi scheme in 2023.
Kubler allegedly mismanaged the family's real estate dealings. He also mismanaged a line of credit they had secured to build a house. The advisor took out loans under their name and their real estate business' name and paid himself with them.
According to the suit, Kubler diverted more than $1 million. He also forged their signatures to open accounts in their names and company names. Perhaps his biggest scheme was convincing the former Panthers' defensive end's wife to take out a $14 million life insurance policy that generated fees and commission that Kubler paid to himself.
Kubler reportedly settled the SEC's claims a few months ago. He agreed to pay penalties after being accused by the Justice Department of being an unlicensed adviser running a $4 million investment scam similar to the infamous Ponzi scheme.
Rucker never played for another NFL team, and he was a crucial part of the defense that went to the Super Bowl after the 2003 season. He retired in 2007 and now owns a real estate company with his wife.
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