Former N.Y. Giants Player Charged With Ponzi Scheme

Posted on April 14th, 2015 at 2:37 PM

From the Desk of Jim Eccleston at Eccleston Law LLC:

Former NFL cornerback Will Allen has been charged with operating a Ponzi scheme that purported to loan money to professional athletes.

According to the SEC, Allen and his partner, Susan Daub, together founded a group of companies that included Boston-based Capital Financial Partners and told investors that they could receive interest of up to 18% from Major League Baseball, The National Basketball Association, The National Hockey League and The NFL. They marketed the business as giving athletes access to at least $75,000 loans in the off-season or early in the season, when they may be strapped for cash based on their contracts.

The pair raised $31 million from at least 40 investors but allegedly misled them about the terms of the loans. They used investor funds to pay for personal expenses, including charges at pawn shops, casinos and nightclubs.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Ponzi scheme, Celebrities, SEC, James Eccleston, Eccleston Law LLC

Return to Archive

TESTIMONIALS

Previous
Next

I learned two important things working with Eccleston Law. First, I made a friend and ally with Jim and Steph for life. Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. Jim was referred to me by a most trusted source. I've never had to hire an attorney for anything. Now, I know the value of hiring an important partner. Meticulous, thorough and detailed in preparation is the best way to describe Jim. Brilliant too, I might add. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. One of the best life decisions I've ever made.

Howard S.

LATEST NEWS AND ARTICLES

November 8, 2024
Former Advisor Faces Lawsuit Over Alleged Mishandling of Premium-Financed Life Insurance Plan

Joshua L. Gottlieb, barred by FINRA in 2017, faces a lawsuit alleging significant financial harm to a client following the sale of a premium-financed indexed universal life (IUL) insurance program. 

November 7, 2024
Fidelity Data Breach Exposes Sensitive Information of Over 77,000 Customers

According to InvestmentNews, Fidelity Investments recently disclosed a data breach affecting tens of thousands of customers, exposing sensitive personal data such as Social Security numbers and driver’s license information.

November 6, 2024
SEC Bars Advisor for $24 Million Ponzi Scheme Targeting Elderly Investors

The Securities and Exchange Commission (SEC) has barred Paul Horton Smith, a California-based advisor, for orchestrating a $24 million Ponzi scheme that defrauded elderly and retired investors.