Former Nebraska Cornhusker and NFL Pro Bowl defensive lineman Mike Rucker is suing his longtime financial adviser, claiming he mismanaged nearly $3 million of his money in what turned out to be a Ponzi scheme. Rucker and his wife, Kristina, filed the lawsuit in March in North Carolina Business Court against Jon Kubler, a Nebraska native, and his companies Steelpool Inc. and Capital Synergy Partners.
The couple claims Kubler managed their finances for 21 years and that they only learned about his alleged scheme when the Securities and Exchange Commission contacted them in 2023. The SEC accused Kubler of running a commercial real estate Ponzi scheme, raising about $5.6 million from investors but only investing 4% of it. The rest, according to the SEC, was used to make Ponzi-like payments to earlier investors and for Kubler’s personal expenses, including spending on a winery, antiques, and online dating services.
Last month, Kubler was indicted by the Justice Department on charges of securities fraud and money laundering. Prosecutors allege he was an unlicensed investment adviser who targeted elderly and vulnerable people in a $4 million fraud.
The Ruckers said they were unaware of Kubler’s actions until the SEC notified them that Kubler had opened accounts in their names without their knowledge. The lawsuit claims Kubler diverted over $1 million of their funds, forged signatures to open accounts, and used those accounts to make it appear as though they were receiving payments when he was simply shifting money around.
The complaint also alleges Kubler convinced Rucker’s wife to take out a $14 million life insurance policy, generating large commissions for himself but resulting in significant financial losses for the couple. They claim Kubler mishandled their Nebraska real estate investments, manipulated property management contracts to benefit himself, and used their line of credit intended for building their home to pay himself, racking up $100,000 in charges even after the house was built.
Earlier this year, Kubler settled the SEC’s claims and agreed to pay penalties. The Ruckers are seeking damages with interest, attorney fees, and all accounting records.
Mike Rucker, who won three national championships with Nebraska, played his entire nine-season NFL career with the Carolina Panthers before retiring in 2008. He was named to the 2003 Pro Bowl and won NFL Alumni Defensive Lineman of the Year, helping the Panthers reach Super Bowl XXXVIII.
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