Ex-Dolphins CB Will Allen Pleads Guilty In Ponzi Scheme Worth Millions
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BOSTON (CBSMiami/AP) — For some people, being a professional athlete making millions of dollars just isn't enough.
A former NFL player and his business partner have pleaded guilty in Boston to running a multimillion-dollar Ponzi scheme involving fraudulent loans to professional athletes.
Prosecutors say former New York Giants, Miami Dolphins and New England Patriots cornerback Will Allen and partner Susan Daub pleaded guilty to federal fraud, conspiracy and money laundering charges in federal court in Boston.
Daub lives in Coral Springs, Florida, and pleaded guilty Monday. Allen lives in Davie, Florida, and pleaded guilty last week.
Prosecutors say they got money from investors by saying they were making high-interest loans to professional athletes. In some cases, the loans were for less than they claimed or were non-existent.
Prosecutors say they took in more than $35 million and repaid less than $22 million.
Sentencing is scheduled for February.
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