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Thursday, March 2, 2017

Will Allen Gets 6 Years In Prison

Former NFL defensive back Will Allen was reported to be in tears when he was whisked away by U.S. Marshals on Tuesday, February 28, to begin serving out a six-year sentence he was slammed with for his role in a Ponzi scheme that cost investors $17 million.

Allen pled guilty to 4 of the 23 counts he was indicted on, back in November. Among the charges he will do time for are wire fraud, conspiring to commit fraud, as well as an unlawful monetary transactions charge. He will also be required to pay back restitution in the amount of $16.8 million.

Allen was charged along with partner, former banker, Susan Daub in 2015. Together they created Capital Financial Partners Enterprises, a company that promised a return on investments. Allen and Daub sold the idea that there are athletes who get low on money in the off season when they are between checks and could use an institution willing to put up quick loans.

But as it turned out, Allen and Daub were duping investors into funding a half-baked initiative, that in fact did impart some of the money generated towards loans, but diverted huge sums off into Allen and Daub's own business ventures. Allen and Daub are also reported to have spent the money on personal expenses, with a paper trail of investors' money leading investigators to casinos, cigar stores, and Allen's mansion. Daub was also given six years for her part in the scheme; a sentence which experts admit is relatively excessive for the crimes they've committed.

Fans might recall Allen as a long time defenseman who was drafted with high expectations in 2001, but never quite lived up to what his potential was thought to be, despite an 11-year career, mostly with the New York Giants and Miami Dolphins.

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