Former NFL busted for Ponzi scheme

[Anyong Bluth]

Holy shit! I would have never imagined this guy would ever dream of pulling something like this off. I've talked to him dozens of times and hung around the guy on more than one occasion when I was working for Condon.

Actually a pretty chill dude.

Former NFL DB facing 200+ years in prison
By John Breech / CBSSports.com
July 14, 2015 07:38 PM ET

Will Allen has been indicted on 23 federal charges. (USATSI)




Former NFL defensive back Will Allen has been indicted on 23 federal charges, stemming from a $32 million Ponzi scheme he allegedly ran from July 2012 to February 2015.

If convicted, the 36-year-old could be spending the rest of his life in prison.

Allen was originally hit with civil fraud charges in April after authorities uncovered the scheme, which involved Allen making high-interest, short term loans to other athletes during the offseason.

Allen didn't personally have the money to loan, so he would raise the money from investors, who would pay him because Allen would promise an 18 percent return. Once Allen had the money from the investors, he would use it on himself.

Authorities believe that Allen and his business associate, Susan Daub, made almost $32 million while running the Ponzi scheme.

Under the federal indictment, which was first obtained by the Palm Beach Post, Allen is facing a total of 23 felonies for his role in the Ponzi scheme.

The indictment includes "12 counts of wire fraud, six counts of aggravated identity theft, one count of conspiracy to commit wire fraud and four counts of illegal monetary transactions."

According to the Palm Beach Post, Allen is facing up to 20 years in prison for each count of wire fraud, which means Allen's looking at 240 years behind bars for those charges alone. The former first round pick has been behind bars since his arrest in June.

Allen, who spent 10 years in the NFL after being selected by the Giants with the 22nd overall pick in 2001, played five seasons in New York and five seasons in Miami.

As for the indictment, you can read all 17 pages of the document below (via Deadspin).

http://www.cbssports.com/nfl/eye-on-...ears-in-prison


Copy of the complaint filed against him:
http://www.scribd.com/mobile/doc/271585023/willallen

[Smed1065]

White collar crime usually 5 years and restitution, which rarely happens beyond what they froze during indictment.

[aturnis]

Originally Posted by Smed1065

White collar crime usually 5 years and restitution, which rarely happens beyond what they froze during indictment.

Right, but he ain't white. 'Murica.

[Rain Man]

Originally Posted by Anyong Bluth

Allen was originally hit with civil fraud charges in April after authorities uncovered the scheme, which involved Allen making high-interest, short term loans to other athletes during the offseason.

Allen didn't personally have the money to loan, so he would raise the money from investors, who would pay him because Allen would promise an 18 percent return. Once Allen had the money from the investors, he would use it on himself.

If he never gave the money to anyone, does it matter if he didn't have the money to loan? And if he merely used the money on himself, is it really a Ponzi scheme or is it just theft?

[Coach]

Well, him and Madoff would be good bunkmates.

[BucEyedPea]

Well he should be jailed but really what's with the 200+ years?

[Hootie]

Originally Posted by BucEyedPea

Well he should be jailed but really what's with the 200+ years?

They put insane max years on charges to scare people into taking pleas

[ThaVirus]

He was able to con investors into giving him money to loan to professional athletes, who are notorious for going broke a handful of years after their careers end?

I'm not even mad. That's impressive.

[Demonpenz]

The same they did in superman 2

[Buehler445]

Holy shit. I didn't know ponzi schemes were worth that much time.

[JohnnyHammersticks]

So this guy faces up to 200 years for robbing people for $32 million, while not a single one of the Wall Street banksters that cost U.S. taxpayers between $21-$24 BILLION in 2008 does a day in jail--or is even brought up on charges. That seems fair.

[ThaVirus]

Originally Posted by JohnnyHammersticks

So this guy faces up to 200 years for robbing people for $32 million, while not a single one of the Wall Street banksters that cost U.S. taxpayers between $21-$24 BILLION in 2008 does a day in jail--or is even brought up on charges. That seems fair.

It's not about justice.

['Hamas' Jenkins]

Originally Posted by Demonpenz

The same they did in superman 2

Superman 3.

You're losing your edge.

[eDave]

Originally Posted by 'Hamas' Jenkins

Superman 3.

You're losing your edge.

His posts have gotten odd overall for some reason.

[ShortRoundChief]

Originally Posted by JohnnyHammersticks

So this guy faces up to 200 years for robbing people for $32 million, while not a single one of the Wall Street banksters that cost U.S. taxpayers between $21-$24 BILLION in 2008 does a day in jail--or is even brought up on charges. That seems fair.

While the latter is wrong, so is the former. They have nothing to do with each other, however, I see your frustration with the inconsistent application of justice.

On the upside teh gayz can now tie the knot.