A 60 Minutes report found that one NFL financial advisor cost dozens of players millions in personal losses. Alabama’s gambling laws are at the center of the scandal.
It all dates back to 2008, when then-Governor Bob Riley assembled a gambling task force that led to the closing of Country Crossings, a casino that housed hundreds of electronic bingo machines.
The report revealed that at the time, former investor Jeff Rubin had a 4 percent ownership stake in the illegal business. He managed to convince several NFL players under his counsel to pour their earnings into Country Crossings, even when it became clear that the state would not allow the casino to remain in operation.
Indeed, Country Crossings was raided by authorities and closed only two weeks after it opened in 2010. Though it had later reopened, Attorney General Luther Strange again saw that the business was shut down by seizing over 600 gaming machines and other accessories.
The report featured former Attorney General Troy King, who is no stranger to the casino debate. He and Governor Riley had clashed publicly over the legality of electronic bingo machines.
“There was no way this could end short of somebody being destroyed, the governor or the gambling interest,” King told 60 Minutes reporter Armen Keteyian. “It was Armageddon. There was no other outcome possible.”
He went on to affirm that that an investment in Country Crossings was doomed to failure.
“At that point, I believe anybody who was investing money without understanding what a risky proposition it was was acting very, very recklessly,” King said of the scandal.
Rubin is now paying the price for misleading his clients. He’s been barred by the Securities and Exchange Commission and the Financial Industry Regulatory Authority from serving as a financial advisor.
Meanwhile, gambling continues to be charged issue for most Alabamians. An August poll showed that 53% of voters disapprove of casino expansion in the Yellowhammer State.
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