Former Pro Bowler Mike Rucker has sued Jon Kubler (Kubler), his former investment adviser. Rucker claims that he and his family lost nearly $3 million after their money was unknowingly mismanaged and invested into a Ponzi scheme. Rucker filed the lawsuit in March 2025 against Jon Kubler, who had managed the family’s money for 21 years.
In 2023, the Securities and Exchange Commission (SEC) notified the Ruckers that Kubler had been accused of running a commercial real estate Ponzi scheme, with his companies having raised approximately $5.6 million in investor funds only to invest just 4% of that money. The SEC claimed that Kubler had used investor’s money to make Ponzi-like payments to earlier investors as well as for personal use. Kubler was indicted by the Justice Department last month on charges of securities fraud and money laundering.
In particular, the SEC alleges that Kubler along with Aksarben Evolution, LLC (“Aksarben”), AV Bhill, LLC (“AV Bhill”), CFH Texas, LLC (“CFH Texas”), Green Saddle, LLC (“Green Saddle”), and Kubler Consulting, LLC (“Kubler Consulting”) (collectively, “Defendants”), and Relief Defendants Kubler Financial, Inc. (“Kubler Financial”) and Midwest PEG, LLC (“Midwest PEG”) (collectively, “Relief Defendants”) that from at least 2016 and continuing through the present, Defendants raised over $5 million from at least 56 investors.
Kubler and his cohorts represented to investors that they would use their money for investment “opportunities” consisting primarily of real estate holdings. In fact, Defendants engaged in a complete fraud. Of the approximately $5.6 million raised, Defendants invested only $227,500, and fraudulently used the remaining 96% of the money by making approximately $3.7 million of Ponzi payments.
According to the Rucker’s lawsuit, Kubler mismanaged the family’s real estate dealings, including a line of credit they had secured to build a house, and also took out loans under their name and their real estate business’ name in order to pay himself. They also alleged that Kubler had diverted more than $1 million of their funds, forged their signatures to open accounts in their names and company names, and caused the family significant financial loss when he convinced Mrs. Rucker to take out a $14 million life insurance policy that generated fees and commission that Kubler paid to himself as the placing agent.
Rucker filed suit against Kubler and his companies in North Carolina Business Court.
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