Former Carolina Panthers great suing financial adviser over lost millions in Ponzi scheme

Mike Rucker has been scammed.

The Carolina Panthers and Baltimore Ravens held training camp at Wofford College in Spartanburg on August 19, 2021. After the training camp, members of the military got a chance to run NFL drills at the USAA's Salute To Service NFL Boot Camp. Here, Mike Rucker, who played in the NFL 1997-2007 with the Carolina Panthers thanks the military for their service to the nation. Shj Panthers Camp 19 Aug31 | ALEX HICKS JR./Spartanburg Herald-Journal via Imagn Content Services, LLC

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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