NFL stars who’ve flagged their advisers
Former Denver Broncos quarterback John Elway last month revealed that he and his business partner gave $15 million to a hedge fund manager who ran a Ponzi scheme. Prosecutors say Sean Michael Mueller sent fake monthly account statements to investors and provided his accountants with fake brokerage statements showing consistent returns. Instead of investing the money, prosecutors say Mr. Mueller bought three homes, several expensive cars, exclusive country club memberships and spent money on daily expenses.
Mueller Capital Management LLC was seized by regulators in April after Mr. Mueller revealed to investors that his funds had "lost money from the start." At one point, Mr. Mueller threatened to jump off of a parking structure but police intervened. Mr. Mueller estimated that only $15 million remained in a fund that was supposed to have $122 million in assets. On Nov. 1, Mr. Mueller pleaded guilty to charges of theft and securities fraud.