By Costello Law Groupof
Will Allen, former Giants cornerback, has been sued by the Securities and Exchange Commission (SEC) after allegedly operating a Ponzi scheme. The SEC claims that Allen and his partner carried out the scheme in order to satisfy a $7 million debt. The investors believed that they were making loans to professional athletes and would be earning up to 18% on the loan. However, in reality, a large portion of the investor money was siphoned off to pay the pre-existing personal debt.
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