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NFLPA financial advisor program flawed?

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09:36 AM ET 01.04 | As draft-eligible college players go through the bowl season and prepare for a chance in the NFL, former players and numerous agents wonder about which ones may fall victim to a flawed system created years ago by the NFL Players Association. The union's financial advisor registration program. The program is designed to create a list of financial advisors who have paid a fee to the NFLPA and gone through a basic background check. "It's a joke," said one agent with more than 20 years in the business. "Put it this way, how good a program can it be if Jeff Rubin and Hodge Brahmbhatt were registered?" Rubin and Brahmbhatt, who were both registered with the NFLPA at one time or another, have been in the middle of major financial scams that have broken in the past 18 months. According to a lawsuit filed in October and a federal investigation revealed in April, the two men were in the middle of scams that cost players at least $73 million. In addition, rough estimates based on numerous documents and interviews indicate that Rubin likely cost players more than $100 million in what amounted to fraud and negligence. Brahmbhatt is at the center of an investigation into approximately $18 million in lost investments. Despite that, the NFLPA continues to push the program and even requires that agents advise players to only use registered financial advisors. At least two memos sent to agents in the past year say that they are to only recommend registered financial advisors, if they recommend anyone.

National Football Post

DeMaurice Smith, Scott Halleran/Getty Images DeMaurice Smith, Scott Halleran/Getty Images
January 4, 2014  10:10 AM ET

And there you see part of the iceberg. The nflpa is just as corrupt as the NFL

January 4, 2014  10:35 AM ET
QUOTE(#1):

And there you see part of the iceberg. The nflpa is just as corrupt as the NFL

I'd see it more as former players trying to get revenge on the league by exploiting current players.
Or even the NFL trying to make players not trust their NFLPA.
Either way it's easy to say that players can always just stick the money in a bank and live off 3 meals a day, own 1 car, 1 house, 3 suits and an assortment of different clothes.
House and car shouldn't be over 500 000 and 20 000.
After that you're set.

January 4, 2014  11:05 AM ET

It's an absolute joke. Advisors pay the union a fee, and then are put on the list. My background check with work was more thorough than the unions. Also, in the fine print it tells the players that the union doesn't endorse any of the advisors (for legal purposes of course when the player gets taken to the cleaners.

January 4, 2014  11:11 AM ET

The parent company where I work signed a contract with a company that electronically delivers drug prescriptions. Even though I had been working there 20 years I got a card in the mail telling me to report for a drug test within 24 hours or don't come back to work. When I got to work I had to sign a form giving then the authority to do a back ground criminal and financial check. How many of those agents do you figure would pass that ?

January 4, 2014  12:37 PM ET

Well, it is not just the NFLPA. There have been owners fleeced with investment groups and cons. See the Mets, and really, the Packers took a $20 million dollar loss on a bad real estate deal two years ago they wrote off as a football expense.

You cannot legislate stupid out of existence.

January 4, 2014  01:12 PM ET
QUOTE(#5):

Well, it is not just the NFLPA. There have been owners fleeced with investment groups and cons. See the Mets, and really, the Packers took a $20 million dollar loss on a bad real estate deal two years ago they wrote off as a football expense.You cannot legislate stupid out of existence.

It's a good thing many of these players took Basket weaving 101 in college. It gives them a profession they can fall back on when all their money is gone within 10 years after their football career is over.

I have no pity for someone who is given a 4 year scholarship at a university then is handed millions of dollars to play a game for half a year and cannot handle his finances.

To bad they don't teach a class " Common Sense 101" Some of these player have a hard time managing their daily lives, why would I expect them to be responsible with a $250,000.00 per week paycheck ?

January 4, 2014  02:39 PM ET

The players are adults, responsible for their own financial decisions. Too many have no education in how to make common sense decisions.
The guilty parties are the colleges that let them out without any education, or let them in to college when they are too unmotivated or unprepared to learn anything.

 
January 4, 2014  08:39 PM ET
QUOTE(#8):

The players are adults, responsible for their own financial decisions. Too many have no education in how to make common sense decisions.The guilty parties are the colleges that let them out without any education, or let them in to college when they are too unmotivated or unprepared to learn anything.

Amen. Nobody at your office cares what you do with your money or feels any responsibility if you are broke and homeless after you retire.

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