FINRA, Wall Street’s self-regulator, barred a Florida broker on Thursday for allegedly steering 31 NFL players into a shady casino investment that lost his consumers about $40 million.

In line with FINRA, Jeffrey Rubin, who operated Florida-based Pro Sports Monetary, made “unsuitable recommendations” to an NFL player to invest in “illiquid, high-risk securities” tied to a now-bankrupt casino in Alabama. That NFL player, who wasn’t named by FINRA, lost about $3 million on the deal.

FINRA mentioned 30 other NFL players also invested in the casino project, depending on Rubin’s referrals, and lost about $40 million.

A single player, according to FINRA, invested a total of $3.5 million, which represented “a majority of his liquid net worth,” in “four high-risk securities.”

Rubin cashed in on the casino transactions, receiving a 4% ownership stake and $500,000 in the project promoter for the referrals, FINRA said.

“This case demonstrates how broker misconduct can target high-income, inexperienced, and vulnerable investors,” Brad Bennett, FINRA’s executive vice president and chief of enforcement, stated inside a statement. “Jeffrey Rubin took benefit of professional athletes who placed their trust in him.”

FINRA mentioned Rubin neither admitted nor denied the charges but did consent for the entry of your regulator’s findings.

Rubin gained focus inside the sports globe for his part in assisting to expose a $15 million Ponzi scheme involving former NFL agent Tank Black.

In accordance with a September report by Yahoo Sports, the former and current players who lost funds inside the casino include Fred Taylor, Jevon Kearse, Terrell Owens, Plaxico Burress, Clinton Portis, Roscoe Parrish, Gerard Warren, Kyle Orton, Greg Olsen, Santonio Holmes and Santana Moss.

When reached by telephone, Taylor, who retired in 2011, mentioned: “I know Jeff but I won’t comment about my relationship with him.”

The NFL declined to comment especially around the news, but a spokesman said active players aren’t allowed to invest in casinos. It’s unclear in the event the NFL is investigating the matter.

It really is also not clear if Rubin was a part of a financial advisor registration system administered by the league’s player association, the NFLPA. The program, which requires applicants to spend a $2,500 fee to register, aims to guard players from receiving “poor economic suggestions,” according to the NFLPA website.

Representatives in the NFLPA did not instantly respond to a request for comment.

Rubin, who at the time was operating at Alterna Capital Corporation and International Assets Advisory, failed to acquire required approval from his employers to participate in the securities transactions involving the casino, FINRA mentioned.

This can be not the first run-in with FINRA for Rubin, who was fined $40,000 in 2004 to settle a complaint by former NFL linebacker Johnny Rutledge, Yahoo Sports reported.

The NFL has worked with FINRA because January 2011, last year unveiling a brand new system with FINRA’s Investor Education Foundation to help incoming players “spot and prevent investment fraud” and commence their profession by making “informed economic choices.”