Will Allen—Ponzi Scheme Charges

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ponzi scheme attorneysEx-NFL Cornerback Will Allen Accused of Operating Ponzi scheme

Will Allen, former New York Giants cornerback, allegedly helped run a Ponzi scheme that promised investors profits from loans to professional athletes.

From July 2012 through February 2015, Allen and his partner allegedly used cash from some clients to fill in the gaps of a $7 million shortfall while making payments to other investors, according to a recent SEC Complaint unsealed in Boston federal court.

The SEC is seeking additional penalties, and also notes that the court froze assets associated with the alleged scheme.

Will Allen and Business Partner Susan C. Daub Allegedly Claimed to Make Loans to Cash Strapped Athletes

Will Allen and his business partner Susan C. Daub claimed to make loans to professional athletes who were short of cash.  Allen and Daub allegedly told investors that they could profit by funding the loans and receiving interest payments of up to 18 percent paid by the athletes.

Allen, was drafted in the first round by the New York Giants in 2001 and played for the team until 2005 before joining the Miami Dolphins, and Daub raised more than $31 million from investors to make the loans to athletes that they said would earn as much as 18% interest, according to the SEC.

The SEC said they misled investors about the terms, circumstances and even the existence of some of the loans and then used some investor funds to pay personal expenses at casinos and nightclubs.

The Peiffer Wolf Carr & Kane Investment Rights Lawyers Often Represent Investors

The Peiffer Wolf Carr & Kane investment rights lawyers often represent investors who lose money as a result of Ponzi schemes. 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 Ponzi schemes may contact the investment rights lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.

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Related posts:

  1. Sean Meadows Under Investigation for Allegedly Orchestrating a Ponzi Scheme
  2. Frederic Elm and His Elm Tree Investment Advisors LLC Charged in Alleged $17M Ponzi Scheme
  3. Leone Alfano Lacava Allegedly Ran $40 Million Orlando-based Ponzi Scheme that Targeted Italian Investors
  4. William D. Allen and Susan C. Daub— Ponzi Scheme

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.