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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
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- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Ex-NFL Player Gets 6 Years In Prison for Ponzi Scheme Role
Former NFL cornerback Will Allen has been sentenced to 6 years in prison for his role in a Ponzi scheme, according to Brian Amaral of Law360. Allen, who had pleaded guilty to "defrauding investors by raising cash for phony loans to professional athletes," received the harsh sentence from the judge who did not take kindly to Allen’s attempt to deflect blame for his role on his co-conspirator, Susan Daub, a former banker. Ms. Daub also received a 6-year prison term.
The pair received loans from investors, under the condition they would be used as loans for athletes, per Marc Lancaster of the Sporting News. Only $22 million of the $35 million the pair collected was ever actually paid, and prosecutors sought $16.8 million in restitution.
Allen, 38, played in the NFL for 11 seasons with the New York Giants, Miami Dolphins and New England Patriots. It’s obvious that Allen had fallen onto hard times – a sharp decline from his ‘NFL glory days’ – as indicated by the fact that he was represented by a public defender.