{"id":12845,"date":"2015-06-15T14:07:30","date_gmt":"2015-06-15T21:07:30","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=12845"},"modified":"2015-06-15T14:07:30","modified_gmt":"2015-06-15T21:07:30","slug":"a-former-new-england-patriots-player-and-bank-executive-arrested-for-31-million-fraud-video","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=12845","title":{"rendered":"A former New England Patriots Player and Bank Executive Arrested for $31 Million Fraud (Video)"},"content":{"rendered":"

BOSTON<\/strong><\/p>\n

\"PONZI<\/a>A former New England Patriots player and a former Regions Bank executive were arrested Friday on securities fraud charges in connection with an alleged Ponzi scheme<\/strong> involving fraudulent loans to professional athletes, according to federal authorities.<\/p>\n

Will Allen<\/strong>, 36, of Davie, Fla., and Susan Daub<\/strong>, 55, of Coral Springs, Fla., were charged in a criminal complaint with one count of securities fraud.<\/p>\n

The two took for than $7 million for personal expenses like casinos and nightclubs, officials said.<\/p>\n

The two are facing up to 20 years in prison, officials stated. \u00a0Defendants are presumed innocent until proven guilty, according to authorities.<\/p>\n

Allen played for the New York Giants from 2001 to 2005, the Miami Dolphins from 2006 to 2011, and the New England Patriots in 2012, officials stated.<\/p>\n

Daub was previously employed as a vice president and private banker by Regions Bank in Florida.<\/p>\n

As alleged in the complaint, Allen and Daub were partners in Capital Financial Partners (CFP), a Massachusetts company whose website advertised \u201cprivate lending to unique individuals.\u201d<\/p>\n

According to the website, CFP \u201cspecialize[d] in issuing short-term loans to professional athletes.\u201d To fund the loans, Allen and Daub allegedly solicited money from investors, telling them that their money would be loaned to the athletes, and that they would be repaid with interest according to a predefined schedule.<\/p>\n

While CFP did make some loans to athletes, the complaint alleges that Allen and Daub diverted millions of investor dollars to themselves and other business ventures, officials said.<\/p>\n

To keep investors from discovering their fraud, Allen and Daub allegedly used newly invested money to make payments to existing investors, which they falsely characterized as interest and principal payments from the loan recipients.<\/p>\n

To generate additional money, Allen and Daub allegedly oversubscribed loans, falsely telling investors that the loans were larger than they actually were and collecting more money from investors than they were actually lending to athletes.<\/p>\n

In other instances, Allen and Daub allegedly collected money for loans that CFP never made at all, said officials.<\/p>\n

Grio Story on April 8 Civil Lawsuit filed against Allen and Daub:<\/p>\n

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