A former NFLer turned advisor now faces charges surrounding an alleged $32m Ponzi scheme.
Will Allen – celebrated as a defensive back for the Miami Dolphins, New York Giants, and New England Patriots – is now facing a different kind of notoriety. In new court filings, the Securities and Exchange Commission alleges Allen, and his co-defendant, Susan C. Daub, used their Capital Financial Partners to exploit both investors and football players hard up for loans.
The pair allegedly promised investors up to 18% interest on loans doled out to professional athletes.
More specifically, the charges stem from business conducted between July 2012 and February 2015 where Allen and partner paid $20 million to investors but received only $13 million in loan repayments from athletes.
Allen is accused of relying on money coming in from new investors to pay off the older ones. The football legion is alleged to have also used the money to go on shopping binges.