MIAMI — Few businessmen have been more closely associated with the new NIL era in college athletics than LifeWallet owner John Ruiz.
Ruiz, a prominent booster for the Miami Hurricanes, stated in November he distributed more than $10 million in NIL deals - with plans to keep expanding.
However, recent activity on the NIL front has decreased - and a scathing article from the Miami Herald gives some insight into why. Ruiz and LifeWallet are the target of investigations by the U.S. Securities and Exchange Commission, according to the Herald, with investigators looking into whether LifeWallet told their investors about the companies actual value and potential security violations.
Locked on Canes host Alex Donno explored this story in depth, including what it means for Miami athletics, on a recent episode.
"All of this paints a discouraging picture of someone who has been so associated with name, image, and likeness at the University of Miami," Donno said. "It is important to note that for the past several months other Miami NIL players have been pivoting away from John Ruiz and stepping up to compensate for that."
Miami made a lot of headlines with big NIL deals, notably including basketball guard Nijel Pack, who signed a two-year deal reportedly worth $800k and a car, which led to some friction in the locker room.
Ruiz and LifeWallet are also in agreements with quarterback Tyler Van Dyke, safety Kam Kinchens, and they had deals with women's basketball stars Hanna and Haley Cavinder before the NCAA ruled against it, calling it an impermissible benefit and punishing head coach Katie Meier, who sat out three games.
Whether those deals will fully get paid out or not remains to be seen. Miami has enough boosters from other sources to likely compensate any outstanding deals should Ruiz be unable to pay, but this is still a tricky situation and one that could impact recruiting at Miami down the line, for multiple programs.