WASHINGTON (MarketWatch) -- The Securities and Exchange Commission has alleged that former New York Giants cornerback Will Allen is operating a Ponzi scheme that involves making loans to pro athletes who need money while they wait to get paid under their sports contracts. The SEC says Allen, Susan Daub, and their Capital Financial Partners firm tell investors they can participate in some or all of the funding for a specific loan to a specific athlete, and get interest rates ranging from between 9% and 18%. Allen and Daub have withdrawn more than $7 million of investor money to pay personal expenses or fund other business ventures, the SEC alleges, and they have raised more money from investors than they have advanced to athletes. "By raising nearly $14 million more from investors than they advanced to athletes, Allen and Daub knowingly or recklessly induced investors to participate in loans that Capital Financial did not actually make," the order says.