BOSTON (AP) A former NFL player and an associate have been charged with running a Ponzi scheme through companies created to provide loans to professional athletes.
The Securities and Exchange Commission said in a complaint filed Tuesday in Boston that William D. Allen and Susan Daub 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 New England Patriots.
The complaint did not list attorneys for Allen and Daub.