NEW YORK (CN) – A 70-year-old former NFL player pleaded guilty to fraud and was immediately imprisoned. Federal prosecutors said Clyde “Peter” Hall cheated investors of millions of dollars by promising to help them get loans from banks, taking large deposits, then failing to deliver.
Hall, who played for the New York Giants in the 1960s, pleaded guilty to conspiracy to commit wire fraud. Guidelines call for a prison sentence of more than 27 years.
Hall was apologetic when entering his plea, saying he initially thought it was a legal venture when a close friend and another person enlisted him to help sell financial instruments he did not understand. He said he should have heeded “warning bells.”
Assistant U.S. Attorney Thomas Brown said Hall filed for bankruptcy in 1998, 2002 and 2004, and has never paid taxes until he was accused of the current fraud.
“Mr. Hall knows how to manipulate,” Brown said.
Hall was drafted out of Marquette University as a quarterback in 1960 but was moved to end. He played in the NFL for one year.