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Former Miami Dolphins cornerback Will Allen is a mini-Bernie Madoff ... so says the SEC which claims the ex-NFL player ran a multi-million dollar Ponzi scheme and blew some of the cash in clubs and casinos.

According to the Securities and Exchange Commission, Allen -- who signed a $12 million contract with the Dolphins in 2006 -- was a co-owner of Capital Financial Partners, which made loans to pro athletes.

The SEC says 36-year-old Allen and his partner raised $31 million from investors but only loaned out $18 mil ... and used some of the remaining money to PARTY THEIR ASSES OFF!

Now, the government agency is going after Allen and his partner for all of the money they allegedly stole -- plus interest and penalties.

FYI -- Allen was a 1st round pick in the 2001 NFL Draft ... and played in the league until 2012.