"Imagine if all the players he's funded become ineligible" John Ruiz's alleged shady business and recent FBI investigation start a memefest on Twitter

Billionaire John Ruiz has been massive in landing key players for the University of Miami sports teams. He is the owner of LifeWallet and has been a key part of Miami's NIL money and he gave former Kansas State guard Nijel Pack a two-year $800,000 deal to join Miami.

However, recently, the NIL money from Ruiz has decreased, in not just the football program, but all the other sports programs, too.

According to the Miami Herald, Ruiz's LifeWallet is the “target of federal civil and criminal investigations." led by the U.S. Securities and Exchange Commission and the U.S. Attorney’s Office for the Southern District of Florida, as well as the FBI and IRS agents.

Now, after the news came out, many fans took to social media to wonder if the players will lose their eligibility from the NCAA.

"Imagine if all the players he's funded become ineligible."

"Running athletic programs thru a fraudulent company is about the most Miami thing I have ever heard."

"I think everyone could see this coming with how shady his business were ever before he started throwing money at Miami."

"This explains the mountain of 3 stars. Mario isn't an elite recruiter, he just threw money at kids."

"I've never met John Ruiz so I won't pretend to know him but I've always been uncomfortable with how quickly he came on the seen as a primary NIL guy at UM. Campus was quiet for years & suddenly he launched himself into headlines & took over as is if he was the program's savior."

"Most of the big deals were directly with this company, have those contracts been terminated/transfereed to their collective? If not it's a big freaking deal. Also, paying twice as much was the only way they won top recruits. They supposed to be OK w/o the guy who paid all that?"

John Ruiz denies any wrongdoing

John Ruiz told ON3 he is not part of any investigation, despite all the reports that the SEC and FBI are looking into his company, LifeWallet.

According to the reports, SEC investigators are looking into whether LifeWallet represented to investors about its value and other possible security violations. Several people have also been interviewed about the possible violations from Ruiz.

As of now, whether or not Ruiz did any wrongdoing is uncertain, and whether or not the players he signed will be in trouble is unclear.