Faced with a 23-count indictment coming from a $37 million Ponzi scheme, former NFL defensive back Will Allen has pleaded guilty to four of the counts.
Via Law360.com, the man who played for the Giants, Dolphins, and Patriots from 2001 through 2012 entered a guilty plea to two counts of wire fraud, one count of conspiracy to commit wire fraud, and one count of monetary transactions in proceeds of specified unlawful activity.
Allen and co-defendant Susan C. Daub, against whom charges are still pending, allegedly raised money by telling investors their money would be pooled and loaned to athletes. The athletes would then pay the money back at high interest rates.
While no professional athletes were named in the indictment, several reportedly were among those who invested in the loan program. The loans were allegedly fictitious in some cases, overstated in others. In some cases, money from new investors was used to pay existing investors, giving rise to the Ponzi label.
To be clear, the Will Allen who pleaded guilty was the first-round pick of the Giants in 2001. There’s another Will Allen, who played for the Buccaneers, Steelers, Cowboys, and Steelers again from 2004 through 2015, who is not involved in this mess in any way.
