Former NFL cornerback Will Allen is facing decades in prison after being indicted on 23 felony counts stemming from an alleged Ponzi scheme run by the 36-year-old and a co-conspirator.
Allen faces "12 counts of wire fraud, six counts of aggravated identity theft, one count of conspiracy to commit wire fraud and four counts of illegal monetary transactions," according to records obtained by Jeff Ostrowski of the Palm Beach Post. Each charge of wire fraud could result in a 20-year prison sentence, according to Ostrowski, with shorter sentences for the other felonies.
Prosecutors allege Allen and Susan Daub were the heads of a business, Capital Financial Partners, that offered short-term loans to professional athletes but ultimately defrauded investors of nearly $14 million. Of the $31.7 million obtained from investors, only $18 million went to the loans.
“The defendants sold investors on the idea of lending money to pro athletes, but we allege that’s not where a large portion of the investors’ money went,” Paul G. Levenson, director of the SEC’s Boston office, said in a statement (via Ostrowski). “As in any Ponzi scheme, the appearance of a successful investment was only an illusion sustained by lies.”
Allen played 12 NFL seasons, most of which came with the New York Giants and the Miami Dolphins.
Daub, 54, has been charged with 20 felonies in the case.
Allen faces "12 counts of wire fraud, six counts of aggravated identity theft, one count of conspiracy to commit wire fraud and four counts of illegal monetary transactions," according to records obtained by Jeff Ostrowski of the Palm Beach Post. Each charge of wire fraud could result in a 20-year prison sentence, according to Ostrowski, with shorter sentences for the other felonies.
Prosecutors allege Allen and Susan Daub were the heads of a business, Capital Financial Partners, that offered short-term loans to professional athletes but ultimately defrauded investors of nearly $14 million. Of the $31.7 million obtained from investors, only $18 million went to the loans.
“The defendants sold investors on the idea of lending money to pro athletes, but we allege that’s not where a large portion of the investors’ money went,” Paul G. Levenson, director of the SEC’s Boston office, said in a statement (via Ostrowski). “As in any Ponzi scheme, the appearance of a successful investment was only an illusion sustained by lies.”
Allen played 12 NFL seasons, most of which came with the New York Giants and the Miami Dolphins.
Daub, 54, has been charged with 20 felonies in the case.
