A former NFL player, 47-year old Jeffrey Walker, was arrested last week on charges of wire fraud, tax evasion and money laundering, the Clarion-Ledger reports.Walker’s case is unusual for two reasons. One, he’s a former pro-athlete, making him the first ponzi schemer of his kind.
(Walker was first drafted to the NFL in 1986, and played for the San Diego Chargers before heading to New Orleans for two seasons. His career lasted 6 years.)
Two, he’s at least somewhat aware of what’s going on in the markets.
Apparently Walker told investors that their money would be used to buy shares in a Chinese resort project.
Instead, says an FBI report, Walker bought four-wheelers, a luxury conversion van, and a Hummer H2.
Walker, a former New Orleans Saint and Chargers player, is alleged to have hacked out a scheme to pilfer money from investors in Mississippi, Tennessee, Florida, and Arizona.
It’s also believed that he made false tax statements to the IRS from 2004 to 2006.