John Elway: I gave $15M to accused Ponzi schemer
Former Denver Broncos quarterback John Elway and his business partner gave $15 million to a hedge-fund manager now accused of running a Ponzi scheme.
Former Denver Broncos quarterback John Elway and his business partner gave $15 million to a hedge-fund manager now accused of running a Ponzi scheme.
The Denver Post reported Thursday that Elway and Mitchell Pierce filed a motion saying they wired the money to Sean Michael Mueller in March. They said Mueller agreed to hold the money in trust until they agreed on where it would be invested.
Prosecutors say Mueller, 42, 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 Mueller bought three homes, several expensive cars, exclusive country club memberships and spent money on daily expenses.
He controlled Mueller Capital Management LLC, which was seized by regulators in April after Mueller revealed to an employee and in a note to investors that his funds had “lost money from the start.”
All told, 65 people invested $71 million with Mueller’s company over 10 years, according to state investigators. They also said Mueller Capital only had $9.5 million in assets in April and $45 million in liabilities.
Elway’s filing asks that the court put their claims ahead of others so they can collect their money first. His lawyer declined to comment.
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