NFL News: Ex-Giant, Will Allen Pleads Guilty In $35 Million Worth Ponzi Scheme
Former NFL cornerback Will Allen and his business partner, Susan Daub has pleaded guilty in Boston to running a Ponzi scheme incorporating loans to professional athletes. Allen and Daub pleaded guilty to one count of conspiracy, two counts of federal fraud, and one count of money laundering allegations in a Boston federal court.
Allen, who resides in Davie Florida, pleaded guilty last week, while Daub, who lives in Coral Spring, Florida pleaded guilty on Monday. Allen had previously played for the New York Giants, Miami Dolphins and New England Patriots in the cornerback position.
Former Giants' first-round draft pick pleads guilty to multimillion-dollar Ponzi scheme https://t.co/BYmJmdBVfG
— New York Post Sports (@nypostsports) November 22, 2016
According to prosecutors, Allen and Daub acquired money from investors by claiming they were making high-interest loans to professional athletes, as reported by ESPN. Additionally, in a few cases, the loans were reportedly either non-existent or less than they stated.
Prosecutors believe that the pair have taken in more than $35 million and have repaid less than $22 million. Sentencing is set to take place on February 2017.
Allen spent his first five seasons in the NFL with the New York Giants after the Giants drafted him 22nd overall in the 2001 NFL Draft. Once his rookie contract expired, Allen moved to the Miami Dolphins and signed a $12 million contract in 2006. Allen then signed a contract extension with the Dolphins in 2011, but was released before the start of the 2011 NFL Season. He then signed a one-year contract with the Patriots in 2012, but Allen did not make it past the training camp, as per CBS Sports.