Correction: A prior version of this story contained an incorrect photograph identifying Will Allen. That photo has been removed.

In NFL news today, former NY Giants player Will Allen is being accused of running a Ponzi scheme.

The 36-year-old and business partner Susan Daub started Capital Financial Partners, a firm that allows investors to lend money to pro athletes in need of cash for a profit of up to 18%. A Securities and Exchange Commission (SEC) complaint claims the firm didn’t follow through in its promises.

Allen and Daub allegedly raised $31.7 million from July 2012 to February 2015 but only gave athletes $18 million loans. About $7 million was used for casinos, nightclubs and other personal reasons.

Loans were of about $600,000 each and their clients include NBA, NHL, MLB and NFL athletes.

The SEC has frozen Allen and Daub’s assets and looking for a court order to return the money they allegedly stole.

More From InvestorPlace