Former Dolphin Will Allen was running a Ponzi scheme

[TheJetsBlow]

Damn... http://deadspin.com/did-ex-nfler-wi...ource=deadspin_facebook&utm_medium=socialflow

 

[Travis34]

Saw this too.

Dang though...

 

[DKphin]

Ex-NFL cornerback Will Allen accused by SEC with running Ponzi scheme

Former NFL cornerback Will Allen has been accused by the Securities and Exchange Commission with operating a Ponzi scheme.A civil fraud complaint filed by the SEC alleges Allen and his business partner Susan Daub raised $32 million starting in 2012 with the promise that the money would be lent to professional athletes.
Allen and Daub made $18 million in loans but also improperly used $7 million for their own expenses, according to authorities. In addition, according to the SEC, Allen and Daub paid investors with funds that did not come through legitimate business income.
The complaint, which was filed last week in Boston and unsealed late Monday, says Allen and Daub “used money from some investors to pay other investors, while ... funneling millions of dollars of investor money to themselves — the hallmarks of a Ponzi scheme."

http://www.sun-sentinel.com/sports/...ed-ponzi-scheme-20150407-story.html?track=rss

 

[SeasonsMusic]

Always liked Allen, what a stupid move. Goodbye the rest of his life.

 

[LANGER72]

"The complaint......“used money from some investors to pay other investors, while ... funneling millions of dollars of investor money to themselves"

Sounds like the Social Security administration and the siphoning of funding that goes on there.
Funny how it is only a crime for the private citizen.
At best, Allen just lost all his money. At worst, he will be getting 3 hots and a cot for quite some time.

 

[Bumpus]

Yep, sounds like he's screwed.

 

[daniel3]

"The complaint......“used money from some investors to pay other investors, while ... funneling millions of dollars of investor money to themselves" Sounds like the Social Security administration and the siphoning of funding that goes on there. Funny how it is only a crime for the private citizen. At best, Allen just lost all his money. At worst, he will be getting 3 hots and a cot for quite some time.

Corzine did exact same thing and he stole close to a billion from customer money to pay his bills. There wasn't even a stern reprimand on his part. Only the little guys get caught with this stuff. Madoff was just a token job they do every now and then to fool people.