NFL’s Will Allen Caught Running $31 Million Ponzi Scheme
Former NFL player Will Allen hasn’t played in the NFL for more than two years but that hasn’t slowed his spending habits. That’s because Allen moved straight from the NFL to operating a rather lucrative and highly illegal ponzi scheme.
According to the Security and Exchange Commission, Will Allen managed to bilk $31 million out of his clients with help from business partner Susan C. Daub.
The pair targeted current and former athletes by accepting investments from them and promising returns of up to 18 percent on those investments. The pair made up a believable story about lending money to other athletes at high interest rates during the off-season. Instead of investing the money, they visited nightclubs, gambled at casinos, and made various purchases at pawn shops.
While the SEC continues to investigate the $31 million ponzi scheme, Allen’s assets have been frozen, and he could end up behind bars on various charges of fraud.
It is not known at this time how many athletes and other famous friends Will Allen managed to defraud before he was caught operating his ponzi scheme.