Attorney John Ruiz has been at the front of NIL conversations when it comes to Miami Hurricanes athletics and according to the Miami Herald, LifeWallet, company owned by Ruiz, is the “target of federal civil and criminal investigations.” They are being led by the U.S. Securities and Exchange Commission, the U.S. Attorney’s Office for the Southern District of Florida, and FBI and IRS agents.
Although the details are not readily available, sources told the Miami Herald that SEC investigators are looking into how Ruiz represented his company to investors— specifically about its value. Multiple witnesses have been interviewed by the U.S. Attorney’s Office in Miami.
Per the Herald, Ruiz and LifeWallet are facing multiple lawsuits. They claim that Ruiz and his company owe millions of dollars to sellers of various businesses that they acquired.
The Miami Herald has learned that Ruiz and his health insurance claims company LifeWallet — previously known as MSP Recovery — are the target of federal civil and criminal investigations.
LifeWallet was once valued at more than $32 billion, but the company is now worth a small fraction of that. Its stock, which was worth more than $10 a share right before the company went public through a special purpose acquisition company, or SPAC, merger last year now trades for less than a quarter.
Read more at: https://www.miamiherald.com/news/local/article277250318.html#storylink=cpy
Although the details are not readily available, sources told the Miami Herald that SEC investigators are looking into how Ruiz represented his company to investors— specifically about its value. Multiple witnesses have been interviewed by the U.S. Attorney’s Office in Miami.
Per the Herald, Ruiz and LifeWallet are facing multiple lawsuits. They claim that Ruiz and his company owe millions of dollars to sellers of various businesses that they acquired.
The Miami Herald has learned that Ruiz and his health insurance claims company LifeWallet — previously known as MSP Recovery — are the target of federal civil and criminal investigations.
LifeWallet was once valued at more than $32 billion, but the company is now worth a small fraction of that. Its stock, which was worth more than $10 a share right before the company went public through a special purpose acquisition company, or SPAC, merger last year now trades for less than a quarter.
Read more at: https://www.miamiherald.com/news/local/article277250318.html#storylink=cpy
