Former cornerback Will Allen was arrested on suspicion of defrauding more than $31 million in a Ponzi scheme from July 2012 until Febuary 2015.
Allen played for the Dolphins from 2006-11. He is not the first former Phins player to find trouble after their playing days. Cecil Collins, former running back from LSU, spent 12 years in prison after his time with the Phins. Currently Lawrence Phillips, running back from Nebraska, is spending his days in a California prison.
For those not familiar with what a “Ponzi Scheme” is, when a company pays returns on investments from new capital paid to operators from new investors rather than from the profit of those investments. It sounds complicated but it really isn’t. Allen and his partner were taking advantage in the sum of $31 million.
South Beach has been a hot spot for Ponzi schemes. This definitely puts the Dolphins in the news for all the wrong reasons.
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