Clinton Portis
Source: Getty

Clinton Portis' Net Worth Suffered Long Before Healthcare Fraud

By

Sep. 8 2021, Published 9:27 a.m. ET

Clinton Portis, a former National Football League player who played for the Denver Broncos and the Washington Football Team, has acknowledged his participation in a scheme to commit healthcare fraud. Along with fellow former professional football players Tamarick Vanover and Robert McCune, Portis has pleaded guilty to the charges and faces jail time.

Article continues below advertisement

The two-time Pro Bowl participant played for two years with the Denver Broncos before playing for several years with Washington. During his post-retirement years, he was millions of dollars in debt despite the lucrative earnings of his NFL career. His net worth is considered to be negative at this point thanks to bankruptcy and legal costs.

Why Clinton Portis went broke

It’s estimated that Portis earned a total of $43.1 million during his nine years playing pro football. There’s nothing left to show for his NFL career with Denver and Washington because he filed for bankruptcy in 2015.

Article continues below advertisement
clinton portis nfl
Source: Clinton Portis Facebook

Portis has spoken publicly about his financial setbacks. As Sports Illustrated reported in 2017, his spending habits and trusting “the wrong people” led to his downfall. Portis’ financial advisers Jeff Rubin and Jinesh Brahmbhatt were registered financial advisers with the NFL Players Association and were partially to blame for his bankruptcy.

Article continues below advertisement

Brahmbhatt led Jade Private Wealth Management and convinced Portis to entrust a significant sum to him. Later Brahmbhatt was banned by the NFLPA for running a Ponzi scheme.

Rubin also scammed Portis out of several millions of dollars via an investment in an Alabama casino that was shut down by regulators in 2012.

Article continues below advertisement

According to court documents, other major creditors included in Portis’ bankruptcy were multiple women to receive domestic support obligations, the IRS, a mortgage company, the MGM Grand Hotel and Casino, and Portis’ own mother.

Clinton Portis and healthcare fraud

Although the prosecutors in the NFL healthcare fraud case say that McCune was “the mastermind” behind the scheme, according to CNN, Portis and Vanover also face serious charges.

Article continues below advertisement

The league’s retiree healthcare benefits plan provided tax-free reimbursement for medical expenses of former players and their family members up to $350,000 per player. The Justice Department said the players submitted $2.9 million in fraudulent claims that resulted in the plan paying out $2.5 million between June 2017 and April 2018.

clinton portis fraud
Source: Getty
Article continues below advertisement

Officials in the case said that the players created fake invoices, prescriptions, and letters of medical necessity to produce the false claims. Prosecutors also claim that the leaders of the fraud offered bribes to recruit other former players to participate.

Will Clinton Portis go to jail?

The fraud charges Portis and the other former NFL players face come with the potential penalty of jail time. Portis and Vanover could be sent to prison for up to 10 years for their roles in the conspiracy to commit healthcare fraud. Portis’ sentencing is scheduled for January 6, 2022. He has also agreed to pay full restitution to the healthcare plan.

McCune, who is said to have had the larger role in the fraud, faces up to 20 years in jail. A total of 15 defendants have pleaded guilty in the case so far.

Advertisement

More From Market Realist

    • CONNECT with Market Realist
    • Link to Facebook
    • Link to Twitter
    • Link to Instagram
    • Link to Email Subscribe
    Market Realist Logo
    Do Not Sell My Personal Information

    © Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.