Once dubbed "Miami's NIL King," Ruiz was a darling of the early name-image-and-likeness (NIL) era for college athletes. The attorney and entrepreneur was one of the most prominent athletic supporters of his alma mater, the University of Miami, and sunk $14 million into NIL deals for more than 160 athletes across the country. However, his fall from grace was quick. After taking his company MSP Recovery (AKA LifeWallet) public with a $32 billion valuation in 2022, its stock suddenly collapsed. He subsequently ran into trouble after UM's women's basketball team learned that he invited two recruits, the famed Cavinder twins, to his home for dinner (the team was sanctioned by the NCAA). Now, Ruiz and LifeWallet are under investigation by the Securities and Exchange Commission and the Department of Justice over the company's algorithms and other issues — on top of the company reporting a net loss of a whopping $835 million last year. Whew!