Former Miami Dolphin Will Allen pleads guilty to running Ponzi scheme

Will Allen

Former Miami Dolphins cornerback Will Allen, shown stretching before a 2009 game. (Damon Higgins/The Palm Beach Post)

Will Allen, a former cornerback for the New York Giants and Miami Dolphins, has pleaded guilty to four federal felonies in connection with a Ponzi scheme he ran.

Allen, a 38-year-old Davie resident, admitted to two counts of wire fraud, one count of conspiracy and one count of money laundering. He’s scheduled to be sentenced in February.

Despite making $30 million in his NFL career, Allen told the judge in his case that he’s so broke he pawned his watches. He also leaned on a former Dolphins teammate for bail money.

Federal prosecutors accused Allen of committing 23 felonies in the course of running a Ponzi scheme. Allen made short-term, high-interest loans to athletes such as the NHL’s Jack Johnson. Prosecutors say he fabricated loans to raise money from investors.

Allen’s co-defendant, 56-year-old Susan Daub of Coral Springs, also pleaded guilty to four felonies.

See more coverage:

Former Dolphin Will Allen: New twist on pro athletes in the poor house

Loan sharking law rarely enforced in Florida

Will Allen stiffed Pro Player Funding on a high-interest loan in 2010. In 2012, he started a company making high-interest loans to pro athletes.

Allen calls Jack Johnson deadbeat, Johnson calls Allen loan shark.

Former Dolphin Bryant McKinnie also defaulted on high-interest loan.

Read the SEC complaint.

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