Former NFL cornerback Will Allen and his business partner, Susan Daub, pleaded guilty in Boston to running a multi-million dollar Ponzi scheme.
The scheme involved fraudulent loans to professional athletes. According to prosecutors, Allen and Daub pleaded guilty to federal fraud, conspiracy and money laundering charges in federal court in Boston.
Prosecutors said Allen and Daub took in more than $35 million and only repaid around $22 million. They made high interest loans to professional athletes. Some of the loans were less than they claimed, and some were non-existent. Sentencing is scheduled for February.
Allen played for the New York Giants, Miami Dolphins and New England Patriots. Allen’s last season was 2012 for the Patriots.