Former Miami Dolphin CB, Will Allen has been sentenced to six years in federal prison for his role in a ponzi scheme. Allen, who played six of his 11 season in South Florida, pleaded guilty to two counts of wire fraud, one count of conspiracy to commit wire fraud and one count of monetary transactions in proceeds specified for unlawful activities. Allen will also have to pay $16.8 million in restitution.
Susan Daub, who was partners with Allen in Captial Financial Partners also got the same sentence.
The Miami Herald has more details on the scheme.
According to Allen’s statement of facts in the guilty plea, Allen and Daub sold their business to investors as a finance company giving high-interest, short-term loans to athletes. The pitch went thusly: CFP would get the fee charged to the athletes for getting the money together and investors would make money off the interest of the loans. The principal of those loans could be $500,000 or more.
And, Allen and Daub claimed these loans couldn’t be safer because the athletes would repay the loans via direct deposit out of guaranteed money from their team. Investor funds would be pooled to make the loans
For the full article, click here.
Clearly Will Allen isn’t a popular name circulating around former player circles. Considering he made millions off ripping off athletes, who tend to be vulnerable to elaborate financial instruments. After all of this he is now heading to the federal clink to serve 6 years.