SEC Accuses Ex-Giants Cornerback Allen of Running Ponzi Scheme

Cornerback Will Allen #25 of the New York Giants on the sidelines against the Arizona Cardinals at Sun Devil Stadium in this Nov. 14, 2004 file photo in Tempe, Arizona.
Photographer: Paul Spinelli/AP Photo

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By Matt Robinson

April 7, 2015 at 5:17 PM UTC

This article is for subscribers only.

U.S. regulators sued former New York Giants cornerback Will Allen over claims he helped run a Ponzi scheme that promised investors profits from loans to professional athletes.

From July 2012 through February 2015, Allen and his partner used cash from some clients to fill a $7 million shortfall in payments to other investors, the Securities and Exchange Commission said in a complaint unsealed Monday in Boston federal court. The court froze assets associated with the alleged scheme, and the SEC is seeking additional penalties.