A former linebacker with the Philadelphia Eagles used the life savings of football coaches as a "personal piggybank" to fund a $10 million fraud, according to charges from the SEC.

The commission is seeking to permanently bar Merrill Robertson Jr., also a former broker with Merrill Lynch, and his alleged co-conspirator, Sherman C. Vaughn Jr., from the industry, as well as demanding the return of funds allegedly taken from investors. Robertson and Vaughn could not be reached for comment.

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