Will Allen hasn't played in the NFL in more than two years now. But the former defensive back—who spent time with the Giants and Dolphins—has reportedly still been living the high life. And that's because, according to the Security and Exchange Commission, Allen has been involved in running a $31 million Ponzi scheme.
Allen and his business partner Susan C. Daub have been charged with bilking millions of dollars out of current and former athletes by accepting investments from them and promising returns of up to 18 percent on those investments. They've reportedly told athletes that they've been lending money out to other athletes during offseasons at high interest rates. But in reality, they've apparently been using most of the money to fund expensive purchases at casinos, nightclubs, and pawn shops.
The SEC's investigation is still ongoing. But all of Allen's assets have been frozen for the time being, and it sounds like he could be in a lot of trouble. Stay tuned for further details.
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[via Eye on Football]
