Former Patriot Will Allen Charged In Ponzi Scheme
BOSTON (CBS/AP) — A former New England Patriot and an associate have been charged with running a Ponzi scheme through companies created to provide loans to professional athletes.
Read: The Complaint (.pdf)
The Securities and Exchange Commission said in a complaint filed Tuesday in Boston that William D. Allen, 36, and Susan Daub, 54, raised almost $32 million from investors in 2012, gave out about $18 million in loans, and used about $7 million for personal expenses.
The complaint says they "used money from some investors to pay other investors, while ... funneling millions of dollars of investor money to themselves — the hallmarks of a Ponzi scheme."
Allen, a first-round draft pick in 2001, had an 11-year career with the New York Giants, Miami Dolphins and Patriots.
He signed with the Patriots in March 2012 but he went on injured reserve in August and never played in the NFL again.
According to the complaint filed Tuesday, he lived in Foxboro from June 2012, when he and Daub founded Capital Financial Partners, until February 2013.
Allen currently lives in Davie, Florida.
Daub previously lived in Acton and now lives in Coral Springs, Florida.
The complaint did not list attorneys for Allen and Daub.
(TM and © Copyright 2015 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2015 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
