Former Dolphin Will Allen Hit With 23 Felony Charges for Ponzi Scheme
Photo by NFL

Former Dolphin Will Allen Hit With 23 Felony Charges for Ponzi Scheme

Will Allen played cornerback for the Dolphins for six of his 11 years in the NFL, but he's now facing a much longer time behind bars. An indictment issued last week by the by the U.S. Attorney in Massachusetts charged Allen with 23 felony charges that could see him spend decades behind bars if convicted. 

Allen, who currently lives in Davie, Florida, is in the situation because he was running a good old fashioned Ponzi scheme

Allen partnered with Susan C. Daub to start a company that allegedly provided loans to athletes and promised investors a return of as much as 18 times their original investment. Between July 2012 and February of this year they raised about $20 million. 

Problem was that Allen was completely making up the loans. He instead pocketed the cash and started paying off old investors with money from new ones. 

The company did make one legit loan to NHL player Jack Johnson, but over-reported the amount. The loan was for $3.4 million, but Allen's company claimed it was for $5.65 million 

Allen collected at least $4.1 million for himself, and sent $61,080 to casinos where he had accounts. 

Sportrac estimates that Allen received over $26 million in salary over his time in the NFL. That's not superstar money, but its more than enough to keep anyone from want for their rest of their lives.

Allen now faces 12 counts of wire fraud, six counts of aggravated identity theft, one count of conspiracy to commit wire fraud, and four counts of illegal monetary transactions. The wire fraud charges carry a maximum sentence of 20 years in prison. 

Business partner Daub faces 20 charges of her own. 

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