OT: Miami booster and NIL king John Ruiz is in some trouble.
That’s a shame.
You hate to see it.....
Is it too late for Collins Acheampong to flip back to Michigan?
Honestly it may depend on whether he's cashed the check(s).
It's almost like Life Wallet wasn't a real company with a real product... Why can I not be surprised that its failing, and that Miami's NIL offers seem to be imploding on themselves?
I never understood why there are fans/media saying the big ten would take Miami. I cant understand why anyone would want to be associated with that place.
Well, Miami is a decent academic university-would rank in, at least, the middle third of the B1G. There are athletic recruiting advantages for the more northern schools by adding them to the B1G.
Its AAU and its academic reputation is likely to grow even more due to highly qualified faculty and researchers being pushed out and or escaping the DeSantis/MAGA ideological takeover of the Florida state university system.
No matter how many times it's been said, or how many topics mods have had to shut down, even this month, people just can't help themselves. There is a place for discussions like that, but this is not one of them. No politics. Please and thank you.
As opposed to your current communist regime.
Scott doesn't know what Communism is.
There are also a lot of highly qualified faculty and researchers being pushed out of elite northern and costal schools because of ideological takeovers in the other direction. Maybe they will go to the Florida state university system as replacements.
Seems like less overt politics at universities would help keep good people in place.
A pox on all your houses.
“The newly filed annual report showed that LifeWallet took in $23.4 million last year from its primary business of recovering incorrectly paid insurance claims, falling far short of the $992 million in 2022 revenue the company had projected it would earn before going public.“
oopsie
So close.
He may soon have to start using his Prison Wallet for his stuff.
It's always fascinating - train wreck fascinating - watching guys spend next year's money, and other people's money, as if it's guaranteed money.
For those who don't care to read the article, a few financial notes: having projected earnings of 992 million pre-IPO, actual earnings came in at 23.4 million. Another piece: self reported assets were adjusted down from 6.5B in September to 3.4B in December. And yes, these numbers are late reported.
Mr. Ruiz obviously likes to spend money, including funds borrowed from others who have bought into the belief that he's supposedly good for it.
This stinks of a massive fraud. Loud train wreck in progress ...
On top of that, my dude was using company funds to buy multiple aircraft (including a Boing 767!) and many homes for himself. The NIL stuff is being paid by his company which is fine...except, as a shareholder, I'd ask about the value of paying an athlete 400k a year to rep a Medicare secondary payer recovery business, which is essentially a lawsuit/settlement business model that seemingly requires little in the way of a marketing budget. He's going belly up and fast. But...Miami gotta Miami. Remember this cat?
"Major supporters of the program have had legal problems before. The school’s former top booster, Nevin Shapiro, was sentenced in 2011 to 20 years in prison for fraud. That was before the existence of NIL benefits. Shapiro admitted he used millions of dollars gained illegally from a $930 million Ponzi scheme to write checks to the university and provide impermissible benefits to star athletes, including, he later claimed, spending on strip clubs, cars, trips and an abortion. The NCAA stripped the football and men’s basketball teams of numerous scholarships and put the athletic program on probation for three years."
Is Life wallet like a pocket Fleshlight?
Wait...is there a non-pocket Fleshlight?
PVC pipe and some oatmeal?
That's... oddly specific.
But did he buy hamburgers?
Hilariously yes, among other much more serious things, it's a throw-away line in the last sentence of the article: "The Miami’s women’s basketball team was sanctioned earlier this year after the NCAA found that Ruiz had provided an impermissible meal to twin sisters Haley and Hanna Cavinder before they had officially committed to transfer to Miami from Fresno State. Ruiz, and the sisters, escaped penalties."
I believe it was more than just a burger in this case. He had them over his house for a very lavish meal w social media pictures as receipts. In the grand scheme though, yes, of all the things to target by the ncaa, this is pretty dumb.
Cheeseburger 🍔
No Coke...Pepsi.
What a shame 😂 👏
This is what I've been saying from Day 1 with all of these NIL boosters who are out in the open. It attracts attention to them and their companies. Not a lot of people want a CEO who's dropping millions on college kids. It was a lot easier when they can donate in the shadows. These NIL collectives are finding it a bit harder to collect money when it's out in the open...
Awwwww...durnit!
Very on brand for a Miami booster and Miami football
Miami is the financial/crypto bro scam capital of the past few years. As if the place couldn't get any sketchier.
Shit..man...skiechier...pffft, Miami/South Beach is definitely the place to be...in a hookers and blow kinda way.
I'm surprised they dont have a top 10 class every year with all that is available there to a young man with full pockets.
I worked on Medicare fraud detection for years. Biggest area in the country for it is Miami. Bigger "industry" in Miami than drug dealing.
This is nothing new. Ruiz has and always will be one of the biggest slime balls in business, ethics, and unfortunately connected to college athletics. His wrists are always aching because of the continuous slapping but without any real consequences from the toothless NCAA. Buying athletes cheeseburgers is a big joke to him.
Can’t wait for the The U - Part 3 30 for 30 doc to to come out.
Whoda thunk it?