The Securities and Exchange Commission is alleging that former NFL player Will Allen helped spearhead a Ponzi scheme that defrauded investors out of millions of dollars, all in the guise of providing loans to professional athletes.

According to the SEC, the scheme was in effect from July 2012 to February of this year. Allen and a partner, Susan Daub, ran a company called Capital Financial Advisers, which took in $31.7 million from investors but paid out only $18 million in loans to professional athletes from the four major U.S. sports.

[Read the SEC’s allegations against Allen here]

“From July 2012 to February 2015, Capital Financial received approximately $13.2 million of loan repayments from athletes,” the SEC alleges in its indictment. “During the same period, the company paid approximately $20 million to investors. Lacking any other significant source in revenue, it is apparent that Capital Financial managed to pay nearly $7 million more to investors than it received from athletes only because Allen and Daub recycled a substantial portion of the approximately $31.7 million raised from investors. In other words, they used money from some investors to pay other investors, while at the same time funneling millions of dollars of investor money to themselves — the hallmarks of a Ponzi scheme.”

The SEC alleges that Allen and Daub took more than $7 million for themselves, paying for personal expenses and making charges at casinos, pawn shops, jewelry stores, grocery stores, cigar shops and clothing stores. They also made purchases at storage facilities, airlines, hotels, restaurants, nightclubs and limousine companies.

Allen, a defensive back who played college football at Syracuse, played 10 seasons for the New York Giants and Miami Dolphins before retiring in March 2013. He had 15 career interceptions.