Former NFL cornerback Will Allen charged in ponzi scheme
The sports and business community was shocked Tuesday when former Miami Dolphins, New York Giants and New England Patriots cornerback Will Allen, along with a Florida woman, was charged by the Securities and Exchange Commission for running an approximate $31 million ponzi scheme from 2012 until February of 2015.
A complaint was unsealed Monday night, according to the Wall Street Journal, and Allen along with his business partner, 54-year-old Susan Daub, managed multiple companies they founded under the umbrella of "Capital Financial." The pair gave questionable loans to athletes after raising money from investors, telling them they could receive up to 18 percent interest in returns. Then, Allen and Daub used money for personal expenses that included night clubs and pawn shops.
Allen and Daub reportedly ripped off over 40 investors for approximately $31 million. For example, Allen ripped off investors after giving an NHL player a $3.4 million loan but telling investors they were giving a $5.56 million loan, using the extra cash for personal use, according to the WSJ.
These aren't Bernie Madoff numbers by an means, but you can expect that Allen will be in some serious trouble after making these shady deals. Allen can definitely expect prison time for stealing millions of dollars from investors that were easily persuaded with the positive returns on large investments.
Will Allen became an NFL cornerback when he was drafted 22nd overall in the 2001 NFL Draft out of Syracuse. Allen played five years with the Giants, six with the Dolphins and played his final NFL season in 2012 with the Patriots before retiring.
The 36-year-old had an NFL career comprised of 525 tackles, 15 interceptions and five sacks. Now, he's likely spend some time behind bars for his serious offenses.
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