Former NFL player accused in Ponzi scheme

April 7, 2015 5:29 PM

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Former NFL player Will Allen and a business associate ran a Ponzi scheme that bilked investors in a scheme based on loans to pro athletes who were short of cash, a federal regulator said Tuesday.

Allen, Susan Daub and their Capital Financial Partners firms raised more than $31 million from investors who were promised annual interest rates as high as 18% on the loans, the Securities and Exchange Commission said in unsealing a federal fraud complaint.

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