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Ex-Giant Will Allen pleads guilty to Ponzi scheme


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Ex-NFL player Will Allen pleads guilty to Ponzi scheme

Will Allen and his business partner Susan Daub have pleaded guilty in Boston to running a multimillion-dollar Ponzi scheme, according to a report from the Associated Press.

 

Prosecutors say Allen and Daub pleaded guilty to federal fraud, conspiracy, and money laundering charges in federal court in Boston. The Ponzi scheme involved fraudulent loans to professional athletes.

 

According to prosecutors, Allen and Daub received money from investors by saying they were making high-interest loans to professional athletes. They allegedly took in more than $35 million in loans and repaid less than $22 million.

 

Allen spent his first five NFL seasons with the New York Giants after the franchise selected him with the No. 22 overall pick in the 2001 NFL Draft. Allen moved on to the Miami Dolphins after his rookie contract was over with the Giants when he signed a four-year, $12 million contract in 2006. Later, Allen would sign a contract extension with the Dolphins through 2011, but he was released prior to the 2011 season. The New England Patriots signed him to a one-year contract in 2012, but he didn't make it past training camp.

 

This is not Allens' first run in with the law. In 2010, Allen was arrested charged in Miami with driving under the influence when he was stopped in a late-model Ferrari at 3:30 a.m. at the corner of Fifth Street and Alton Road, according to Miami Beach police spokesman Detective Juan Sanchez.

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