Famed former Denver Broncos Quarterback John Elway invested millions of dollars in a Ponzi scheme. Dozens of others did too, but Elway thinks he should get his money back first.
John Elway, yes that John Elway, is one of dozens of investors who sunk their money in a Ponzi scheme, according to the Denver District Attorney. NPR’s Jeff Brady alerted us to the story. 42-year-old Sean Mueller is being held on two million dollars bail. He allegedly used new investors’ money to pay off older investors and created fraudulent documents to cover his trail. Classic Ponzi scheme. Mueller was investigated after he came to authorities attention this Spring when he threatened to jump off a tall parking structure. Shortly before that he sent emails to his “clients” saying he was going to disappear and asked them to take care of his wife and children.
The Denver Post is reporting that Elway and a business partner lost $15 million investing in Mueller’s “hedge fund.” 65 others invested about $71 million more. Elway and his partner are asking for their money to be returned to them ahead of everyone else. Say it ain't so, John. Copyright 2010 National Public Radio. To see more, visit http://www.npr.org/.