Former NFL defensive back Will Allen has been indicted on 23 federal charges, stemming from a $32 million Ponzi scheme he allegedly ran from July 2012 to February 2015.
If convicted, the 36-year-old could be spending the rest of his life in prison.
Allen was originally hit with civil fraud charges in April after authorities uncovered the scheme, which involved Allen making high-interest, short term loans to other athletes during the offseason.
Allen didn't personally have the money to loan, so he would raise the money from investors, who would pay him because Allen would promise an 18 percent return. Once Allen had the money from the investors, he would use it on himself.
Authorities believe that Allen and his business associate, Susan Daub, made almost $32 million while running the Ponzi scheme.
Under the federal indictment, which was first obtained by the Palm Beach Post, Allen is facing a total of 23 felonies for his role in the Ponzi scheme.
The indictment includes "12 counts of wire fraud, six counts of aggravated identity theft, one count of conspiracy to commit wire fraud and four counts of illegal monetary transactions."
According to the Palm Beach Post, Allen is facing up to 20 years in prison for each count of wire fraud, which means Allen's looking at 240 years behind bars for those charges alone. The former first round pick has been behind bars since his arrest in June.
If convicted, the 36-year-old could be spending the rest of his life in prison.
Allen was originally hit with civil fraud charges in April after authorities uncovered the scheme, which involved Allen making high-interest, short term loans to other athletes during the offseason.
Allen didn't personally have the money to loan, so he would raise the money from investors, who would pay him because Allen would promise an 18 percent return. Once Allen had the money from the investors, he would use it on himself.
Authorities believe that Allen and his business associate, Susan Daub, made almost $32 million while running the Ponzi scheme.
Under the federal indictment, which was first obtained by the Palm Beach Post, Allen is facing a total of 23 felonies for his role in the Ponzi scheme.
The indictment includes "12 counts of wire fraud, six counts of aggravated identity theft, one count of conspiracy to commit wire fraud and four counts of illegal monetary transactions."
According to the Palm Beach Post, Allen is facing up to 20 years in prison for each count of wire fraud, which means Allen's looking at 240 years behind bars for those charges alone. The former first round pick has been behind bars since his arrest in June.
