Univ. of Miami booster John Ruiz's insurance company sees 'doubt' in continuing

Univ. of Miami booster John Ruiz ’s insurance claims company LifeWallet told investors Wednesday that there is “'substantial doubt’ about its ability to continue operating,” according to Wieder & Weaver of the MIAMI HERALD. The company disclosed that it had been subpoenaed last month by the U.S. Department of Justice as part of an “ ongoing investigation .” Ruiz was dubbed “Miami’s NIL King” by ESPN in 2022 after his company paid millions of dollars to student athletes at the UM in NIL deals. But his company’s endorsements have “slowed as its financial and legal woes have mounted.” Ruiz also “ promised to build a new stadium ” for the UM’s football team, which “hasn’t materialized” ( MIAMI HERALD, 8/15 ).