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Tuesday, April 7, 2015

SEC Charges Former Pro Football Player With $31M Ponzi Scheme

The Securities and Exchange Commission (SEC) unsealed a complaint today that was originally filed with the SEC on April 1. It alleges that William ("Will") D. Allen (a former professional football player) and his business partner Susan C. Daub (a former financial professional) operated a Ponzi scheme that raised more than $31 million from investors. Investors were promised a return based on the interest from loans to professional athletes that were short on cash. The court instituted an asset freeze on the defendants the same day the complaint was officially filed.
Will D. Allen, Photo by: Chris J. Nelson
The complaint claims that from July 2012 through February 2015 the duo paid investors ~$20 million but only received ~$13 million in loan repayments from athletes.  New investor funds were used to fill the $7 million gap which is why it's been called a Ponzi scheme.

Will D. Allen played college at Syracuse and was drafted in the first round of the 2001 NFL Draft by the New York Giants. Allen also played for the Miami Dolphins and the New England Patriots.

In addition to Allen and Daub, the complaint names Florida-based Capital Financial Partners Enterprises LLC, and Boston-based Capital Financial Partners LLC and Capital Financial Holdings LLC in the suit. The SEC is also seeking to have WJBA Investments LLC, Insurance Depot of America LLC, Simplified Health Solutions LLC, and Simplified Health Solutions 2 LLC included in the suit as "relief" defendants, (read: assets from these entities can be used to help to pay back harmed investors).

According to the complaint one of the largest borrowers is an NHL player that filed bankruptcy in October. According to an article in the PalmBeach Post, that’s Columbus Blue Jackets defenseman Jack Johnson.

A jury trial has been requested.

To be clear, this is not the 32-year-old Will Allen who plays safety for the Pittsburgh Steelers. 

To read the full complaint click here.


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