Will Allen, a former first-round draft pick of the New York Giants, will have to watch his Sunday football from a jail cell for the foreseeable future.
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Allen, 38, was sentenced to six years in prison for his part on a Ponzi scheme that defrauded his investors and involved pro athletes. Allen pleaded guilty last year to federal fraud, conspiracy and money laundering charges in federal court in Boston. What's more stunning — he made $26 million during his career.
Giants_101: Via TheGiantsWire: Former Giant Will Allen sentenced to 6 years in prison #nyg #giants #NFLhttps://t.co/NtNRJqPlhI
— New York Giants News (@NYGNEWS1) March 1, 2017
Allen and his partner, Susan Daub, started Capital Financial Partners and solicited money from investors by telling them the company made high-interest loans to pro athletes. Some of the loans were for less than stated, and others didn't exist.
The pair took in $35 million, but loaned out significantly less.
The Palm Beach Post reported that come of the money collected from investors ended up in Allen's pockets, a cited $4.1 million that went to him.
U.S. District Judge William Young was unforgiving during sentencing. He noted that the average sentence for frauds in the First Circuit court was less than half of the federal minimum sentencing guidelines. And while prosecutors recommended Daub be sentenced to 50 months behind bars, the Judge gave Allen the 72-month minimum sentence due to the severity of the fraud.
Daub and Allen also have to pay back $17 million in restitution.
Allen was a first-round pick out of Syracuse in 2001, and played with the Giants until 2005. He signed with the Miami Dolphins in 2006, and that would be the last team he actually played for. While he signed a contact with the New England Patriots in 2012, he never appeared in a game.
