On nearly the same day that a 2003 first-round pick was charged with hit-and-run (and attempted bit-and-run), a 2001 first-round pick was charged with trying to run away with other people’s money.
Via multiple reports, the Securities and Exchange Commission has accused former NFL defensive back Will Allen and others of running a Ponzi scheme, using money from investors to pay other investors.
“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,” the SEC said in a release. “As in any Ponzi scheme, the appearance of a successful investment was only an illusion sustained by lies.”
The scam allegedly loaned $18 million to athletes, raising more than $31 million from investors.
Drafted by the Giants, Allen played five years in New York and five years with the Dolphins.
