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2001 New York Giants First Round Pick in trouble with SEC

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.

If you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.

To read more, please visit: http://www.investmentnews.com/article/20150407/FREE/150409935/ex-nfl-cornerback-will-allen-accused-of-running-ponzi-scheme

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