Ex-NFL player heading to prison after Ponzi scheme collapses

Will Allen spent 12 seasons in the NFL as cornerback learning from some of the best head coaches in the history of football, including Tom Coughlin, Nick Saban, and Bill Belichick. Apparently Allen didn’t pay much attention to his coaches when it came to learning about making good choices, as the former cornerback will spend the next six years of his life behind bars.

Allen and his accomplice, Susan Daub, were recently sentenced to six years in prison after the two were found guilty of multiple charges in relation to a deceptive Ponzi scheme. In addition to the time he will spend in prison over the next few years, Allen will also have to pay $16.8 million in restitution.

The former cornerback and Daub were charged with multiple crimes after the two ran a Ponzi scheme that generated a total of $31 million in investment funds since 2012.

Allen made over $26 million during his NFL career, yet he still got himself involved in some pretty shady business. (Photo Source: Twitter)
Allen made over $26 million during his NFL career, yet he still got himself involved in some pretty shady business. (Photo Source: Twitter)

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For those who may not know what a Ponzi scheme is, it is when a person or group is able to convince a number of people to invest their money in something that carries a promise of a short return. The money from new investors is used to pay off the original investments until there are no longer enough funds to pay back investors.

In the case with Allen and Daub, the two were able to convince more than 40 people to contribute their money for loans to athletes who were in need of some short-term funds. Allen’s company would tell investors an amount of money that was needed for a loan and then they would only give a portion of that amount to their customers (investors provide $2 million, customers get $1 million, Allen pockets $1 million).

“As a former professional football player, Mr. Allen’s conduct is especially egregious.  He used his status as an NFL athlete to legitimize his dealings with investors.”

Joel P. Garland, Special Agent for IRS Criminal Investigation

Not really sure why Allen got himself involved in such shady activity, especially since he made over $26 million during his 12 years in the NFL.

Some former players are unable to adjust their lifestyle after they are done earning millions in the league – perhaps this is the reason Allen made such a life-altering decision.

He used to only wear a uniform when he took the football field, but now he will get the opportunity to wear a different kind of uniform everyday for the next six years of his life.

Will Allen isn’t the first pro athlete to let us down, these guys were even worse: