By Jason Dobkin (@jasondobkin)
Washington Redskins tight end Vernon Davis was featured Sunday in a 60 Minutes story about a financial adviser who convinced dozens of NFL players in 2008 to invest in a company that ended up quickly failing.
Jeff Rubin, a financial adviser registered at the time by the NFL Players Association, convinced the players to invest in a new entertainment and gambling development in Alabama called Country Crossing. The draw was electronic Bingo, which Rubin said would make the players a ton of money. Davis made an initial investment of half a million dollars in the venture.
He told 60 Minutes' Armen Keteyian how easy it was to buy in to the picture Rubin painted.
"It was beautiful," Davis said. "It was a painting I’d never seen before. It was fantastic."
The only problem with the whole thing was that electronic Bingo would turn out to be illegal in Alabama, unbeknownst to the players. Two weeks after Country Crossing opened, it was raided by police, and it eventually tanked, losing the players a total of $43 million.
Rubin owned 4 percent of Country Crossing, and 60 Minutes got a hold of documents showing he funneled 10 percent of the money he got from the NFL players into his personal corporation.
Davis said the whole situation was a "nightmare," but he doesn't blame Rubin for his losses.
"I take most of the blame, and I think as athletes and players in this union, in the NFL, I think we should take the blame because we can change it," Davis said. "We just gotta wake up."
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