Former NFL kicker charged for running Ponzi scheme

russell-erxleben-charged-in-ponzi-scheme-gi.jpgRussell Erxleben is the newest member of the Ponzi scheme club. The Associated Press reports the former NFL kicker was arrested Thursday, on charges that he scammed investors out of more than $2 million between 2005 and 2009.

According to the indictment, Erxleben has been charged with five counts of wire fraud, two counts of money laundering, and one count of securities fraud. His maximum sentence, which he likely won't get, is over 100 years.

This isn't the first time Erxleben has been in trouble with the law. In 1999, he was sentenced to seven years for a scam that robbed investors of $36 million. Erxleben still owes $28 million in restitution to his victims on that charge.

Erxleben got into financial investing following his NFL career. After being selected by the New Orleans Saints in the first round of the 1979 draft, he stayed with the team until released in 1983. He returned four years later for one season with the Detroit Lions, but retired in 1988.

Photo/Video credit: Getty Images
SHARE IT ON: