Former Giants DB Will Allen Pleads Guilty to Wire Fraud

Former NFL defensive back Will Allen pleaded guilty to "two counts of wire fraud, one count of conspiracy to commit wire fraud and one count of monetary transactions in proceeds of specified unlawful activity," according to Law360.com (via Mike Florio of Pro Football Talk).

Allen was indicted on 23 separate counts for his role in a $37 million Ponzi scheme, in which Allen and his co-defendant, Susan C. Daub, "allegedly raised money by telling investors that their money would be pooled and loaned to athletes" and informing them that those athletes would then pay them back at increased interest rates.

Several professional athletes reportedly invested in the scheme, per Florio, though none were named in the indictment. The loans ranged from being fictitious to overstated, and at times money from new investors would be used to pay off old investors.

Allen was a first-round pick of the New York Giants in 2001. He had tenures with the Giants (2001-05), Miami Dolphins (2006-11) and New England Patriots (2012) in his career.

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