The Eagles forked out £2 million to bring in Rubins from Skonto Riga two years ago.
The Latvian international winger started just 17 matches for the club and had the remaining 18 months of his contract paid up.
"Rubins has been sitting on the bench under four different managers - none of them wanted to play him," said an angry Jordan.
"He was a shocking waste of money. We held onto him as long as possible but he was never going to get into the first team."
Meanwhile, Jordan has backed the club's decision to sell Steve Kabba to Sheffield United.
"I'm very pleased with the deal. With respect to Steven no-one had ever heard of him three months ago," said Jordan.
"We sent him to Grimsby and he came back a better player with better exposure, but he was only ever going to be fifth-choice here.
"Football is a business and I'm delighted to have got £250,000 and a sell-on clause for a player from our Academy."
