Former NFL Kicker Charged With Stealing $28 Million In Ponzi Scheme
Yahoo Sports is reporting that a former NFL kicker, Russell Erxleben is being charged for running a multi-million dollar Ponzi scheme that defrauded investors out of $20 million dollars.
Erxleben who is a former All American at Texas and punter for the Saints and Lions has previously been locked up for Securities fraud.
He is now being charged with operating a scheme from 2005 to 2009 that encouraged investment in post-World War I German government bonds and artwork allegedly created by the French artist Paul Gauguin.
Erxleben has been charged with five counts of wire fraud, two counts of money laundering, and one count of securities fraud.
The wire fraud and securities counts reportedly carry prison terms of 20 years apiece, and the money laundering carries a term of up to 10 years.
Erxleben still owes $28 million to investors. He still holds the record, with two others, for the longest field goal in NCAA history, at 67 yards. He played in the NFL from 1979 to 1987.Powered by Sidelines