- Associated Press - Wednesday, August 10, 2016

A former football for the University of Virginia and the Philadelphia Eagles has been charged with defrauding investors of $8 million in what prosecutors called a Ponzi-like scheme.

The U.S. attorney’s office in Virginia said in a news release that 36-year-old Merrill Robertson Jr. of Chesterfield, Virginia, was arrested Wednesday on a charge of conspiracy to commit wire fraud.

According to court documents, Robertson and a co-conspirator operated Cavalier Union Investments in Richmond. Prosecutors say Robertson targeted former coaches, donors, alumni and employees of schools he had attended.

According to the documents, Robertson sold promissory notes that he claimed would pay an annual return of up to 20 percent.

Instead, prosecutors allege, Robertson used the invested money for cars, vacations, and a luxury suite at a football stadium.

It was not known of Robertson has an attorney.

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