Cheap Stitched Jerseys

Gqsezk1w

WASHINGTON (AP) — Federal regulators have filed civil fraud charges against former NFL cornerback Will Allen and his business partner. They're accused of reaping more than $31 million in a Ponzi scheme that promised high returns to investors from funding loans to cash-strapped pro athletes.
Daub, 54,Cheap China Jerseys, is a financial professional who also lives in Florida, according to the SEC.
"As in any Ponzi scheme, the appearance of a successful investment was only an illusion sustained by lies," Paul Levenson,Cheap Jerseys From China, director of the SEC's regional office in Boston, said in a statement.
The agency didn't name in its lawsuit the athletes who were said to have received loans.
The SEC said its lawsuit against Allen and Daub was filed under seal in federal court in Boston last week and unsealed on Monday. The agency won an asset freeze against them from the court last week. Two of their firms are based in Boston.
The telephone wasn't answered at a listing for Will D. Allen in Davie, Florida,NFL Jerseys Authentic China, where Allen is said to live. A person answering the phone at Daub's home said there was no comment. They are not represented in the case by attorneys, according to the SEC.
The SEC is seeking an injunction against Allen and Daub and the firms,Cheap NFL Football Jerseys, as well as unspecified penalties and restitution of allegedly ill-gotten gains.
Allen, 36, was a cornerback in the NFL from 2001 to 2012, playing for the New York Giants and the Miami Dolphins. He was signed by the New England Patriots in March 2012 but was placed on injured reserve the following August,Jerseys Wholesale, and he left football in March 2013.
The Securities and Exchange Commission announced the charges Tuesday against William D. Allen, Susan Daub and their Capital Financial Partners investment firms.
The SEC said Allen and Daub paid about $20 million to investors but received only around $13 million in loan repayments from athletes. To make up the gap they paid investors with other investors' money rather than actual profits on the investments, in a classic Ponzi scheme,Jerseys NFL Cheap, the agency said. The conduct allegedly continued from July 2012 through February of this year.
The SEC said Allen and Daub misled investors about the terms and even the existence of some of the loans, telling them they could receive interest on the loans of up to 18 percent from the athletes. The pair used some funds from investors to cover personal charges at casinos and nightclubs and to finance other business ventures, the agency alleged.