Will Allen— Ponzi Scheme
Former New York Giants First-round Pick Will Allen Facing Six Years in Prison for Allegedly Participating in a Ponzi Scheme
Former NFL defensive back Will Allen, 38, and of Davie, Florida, is facing six years in prison for his alleged role in a Ponzi scheme, according to U.S. District Court (Boston) Documents currently under review by attorneys Joe Peiffer and James Booker.
Several Peiffer Wolf securities practice lawyers are investigating investment recovery options on behalf of investors in Allen’s alleged Ponzi scheme.
Investors who believe they may have lost money in Allen’s alleged Ponzi scheme are encouraged to contact attorneys Joe Peiffer or James Booker with any useful information or for a free, no obligation discussion about their options.
Allen was sentenced to three years of supervised release and restitution of $16.8 million by U.S. District Judge William Young, according to said Court Documents from Boston.
Judge Young also levied an identical sentence against Allen’s business partner Susan Daub, 56, a former private banker at Regions Bank and of Coral Springs, Florida, said Documents note.
Allen and Daub Allegedly Convinced Investors to Fund Loans to Professional Athletes; Said Loans Were Allegedly Fraudulent and Oversubscribed and Used for Personal Expenses
Allen and Daub allegedly influenced investors to finance loans to professional athletes, according to said U.S. District Court Documents currently under review by attorneys Joe Peiffer and James Booker.
Said loans were allegedly fraudulent and oversubscribed and used for personal expenses, according to said Court Documents.
Allen and Daub, from 2012 to April 2015, have also been accused of allegedly promising to use their money to back said loans (which were purportedly high-interest) to athletes through Capital Financial Partners, their Massachusetts-based company, said Court Documents notes.
Prosecutors alleged that millions of dollars went to Allen and Daub and that they also allegedly used new money to repay earlier investors, said Documents note.
Overall, more than $16 million was allegedly lost overall, and many investors lost more than $1 million each, prosecutors state.
Only $22 million of the $35 million the pair collected was allegedly ever actually paid, according to reports from Massachusetts.
It should be noted that said Will Allen should not to be confused with another fellow former NFL defensive back Will Allen, who played for the Tampa Bay Buccaneers and Pittsburgh Steelers from 2004-16.
Securities Lawyers Investigating
The Peiffer Wolf securities lawyers often represent investors who lose money as a result of investment fraud and are currently investigating Will Allen’s alleged Ponzi scheme. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Will Allen’s alleged Ponzi scheme may contact the securities lawyers at Peiffer Wolf, Joe Peiffer or James Booker, for a free no-obligation evaluation of their recovery options, at 504-523-2434 or via e-mail at email@example.com or firstname.lastname@example.org.