John Ruiz has said that he isn’t a booster of the Miami Hurricanes program but rather a donor or sponsor.
Ruiz is the owner of LifeWallet and Cigarette Racing and distributed $10 million to Miami for the NIL. One of the biggest signings was former Kansas State guard Nijel Pack, who reportedly got a two-year deal worth $800,000 and a car from Ruiz’s LifeWallet company.
However, recently, the NIL money from Ruiz has decreased in not just the football program but all the other sports programs, too. According to the Miami Herald, Ruiz’s LifeWallet is the “target of federal civil and criminal investigations.”
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They’re being led by the U.S. Securities and Exchange Commission and the U.S. Attorney’s Office for the Southern District of Florida, as well as the FBI and IRS agents.
Concern over John Ruiz’s LifeWallet
The report says that SEC investigators are looking into whether LifeWallet represented to investors about its value and other possible security violations. Several people have also been interviewed about the possible violations from Ruiz.
Reports say that Ruiz and LifeWallet are being investigated, but he claims to On3 that no investigation is happening.
“Neither I nor the company are the target of a criminal investigation,” Ruiz said to On3.
To add to the problems, LifeWallett has also been tanking. The company was once valued at more than $32 billion and was worth more than $10 a share right before it went public. Now, though, their shares are trading for just 22 cents.
Is John Ruiz running into financial problems?
With LifeWallet not doing well, there’s concern that John Ruiz is facing financial difficulties.
The Miami Herald say that Ruiz and LifeWallett are facing multiple lawsuits. They claim that Ruiz and his company owe millions of dollars to sellers of various businesses they acquired.
John Ruiz has also had to delay paying back people he got loans from as he looks to get more money. All signs point to Ruiz dealing with money issues, especially due to the fact he and LifeWallet are being very selective in what they share and how they operate.
Only time will tell how Ruiz being under investigation impacts Miami’s NIL money.
Poll : Were you aware that John Ruiz is under investigation?
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