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At Least It Wasn’t a DUI or Manslaughter: Ex-NFL Player Guilty in Ponzi Scam

SANTA ANA, Calif. from www.courthousenews.com – – A former Tennessee Titans lineman pleaded guilty to federal fraud charges in a $5 million Ponzi scheme. Reed K. Diehl admitted he falsely claimed to be a banker and took money from investors by promising high rates of returns.

Diehl pleaded guilty to three counts of wire fraud and one count of money laundering. In the plea agreement, Diehl admitted that he falsely claimed to be a banker who made hard-money loans, and fraudulently collected deposits from people who wanted financing for projects in Mexico.

Diehl told investors he would pool their money with other investors’ to make loans, but used new money to pay off old investors – the hallmark of a Ponzi scheme.

Diehl faces up to 20 years in prison for each count of wire fraud and 10 years for money laundering at his Sept. 28 sentencing.

From April 2, 2008: SANTA ANA, CA — Former Tennessee Titans lineman Reed Diehl was indicted by a federal grand jury on Wednesday on allegations that he bilked a developer out of $2.5 million.

Diehl, 29, was arrested last month on a federal complaint charging him with wire fraud. The indictment charges him with nine counts of wire fraud and two counts of money laundering, the U.S. attorney’s office said.

Diehl, who is free on a $75,000 bond, was scheduled to be arraigned Monday.

Prosecutors said Diehl offered to secure a $24 million line of credit for a construction project in Mexico if the developer deposited $2.5 million into a bank account. Diehl promised to use the money as collateral to secure a line of credit, but instead he withdrew the money to pay other people who made investments with him, the complaint said.

Diehl, who works as an offensive line coach at Mater Dei High School, used the money to pay off other investors and to run his mortgage lending and private investment companies.

An after-hours call to one of those companies, ARA Capital in Irvine, was not immediately returned.

Diehl briefly played offensive line for the Titans after attending California.

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