Former NFL cornerback Will Allen is being charged with creating a $32 million ponzi scheme. The SEC is accusing Allen, and his business partner Susan Daub, of creating a fraudulent investment business.
Allen allegedly had clients invest money in Capital Financial Partners that would be used to provide loans to pro athletes. Allen guaranteed his investors would profit big from the interest on the loans. Some of that business actually took place, but the majority of the money was going to Allen’s own debt and expenses, including club and casino nights.
And it’s not as if he wasn’t paying his investors back, it’s just that he was using seed money from other clients to do it, not the 18% profit he told investors to expect.
Allen played with the Giants, Dolphins, and Patriots from 2001-2012.