Hall of famer John Elway $15 million Poorer from Ponzi Scheme

by David Kiley (RSS feed)
Oct 15th 2010 at 11:01AM

Hall of Fame Denver Broncos quarterback John Elway is $15 million poorer.

Elway, who has diversified business holdings including a large Toyota auto dealership invested $15 million last March with Colorado hedge-fund manager Sean Mueller who was charged this week in an alleged Ponzi scheme.

Mueller, 42, turned himself in this week to authorities a day after being charged by prosecutors with racketeering, securities fraud and theft in a scheme said to have bilked tens of millions of dollars out of investors.

Elway and business partner Mitchell Pierce said in a motion filed Tuesday they met with Mueller in Denver on Feb. 22 to discuss an investment with his company, Mueller Capital Management. In March, the Hall of Famer and and Pierce transferred funds to Mueller to be held in escrow until they agreed on where to invest the money, the men said in the filing. On March 30, Mueller advised them he was still setting up managed accounts in their names, they said.

About 65 people invested roughly $71 million since 2000 with Mueller Capital Management, according to an affidavit filed by the Denver district attorney's office. Mueller had less than $9.5million in cash and investments in April and liabilities to investors of $45million, said Colorado Division of Securities investigator Richard Rogers in the affidavit.

In their filing, Elway and Pierce ask the court to put their claim ahead of the others so that they may recapture their investment first. They said Mueller agreed to put their money in a trust and not mingle it with other investors' funds. That, of course, did not happen.

Tags: John Elway, ponzi scheme, Sean Mueller, Toyota

Filed under: Sports, Crimes and Misdemeanors

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Reader Comments (Page 3 of 6)

Nick Oct 15th 2010 4:32PM

Once you become a millionaire, its not enough. You keep wanting more, more, more. T Boone Pickens is a BILLIONAIRE and he writes a book titled "The First Billion Is The Hardest" ........its just a game with people like that. They are never satisfied.

gregg Oct 21st 2010 5:33PM

i think if funny. he was greedy and just wanted
more easy money.

jeff Oct 15th 2010 5:08PM

Much blaming on the victums here as in "why should Elway go to front of the line?"
Legal matter that hinges on how the court finds regarding the "Trust" arrangement into which Elway originally placed the money.
Emotionalism in these comments is always astounding. ie "Elway made all his money off of American fans who now watch him sell foreign cars" and ect;

Q: Do you know how Elway planned to use any profit he might have realized?
Could have been the possibility (remote nonetheless) that he had it earmarked for charity.

Point is this. Why all the judging? Somebody give you the job?

gibi1950 Oct 15th 2010 5:24PM

All these wealthy COLLEGE EDUCATED guys and dolls getting ripped off from there representatives etc. Good for the reps, Sounds like they dont have meetings nor read there financial sheets.

Justme053059 Oct 15th 2010 5:31PM

Never feel sorry for the GREEDY

patbake1 Oct 16th 2010 8:31AM

Elway is just like all the other "victims". Looking for the fast payback on an investment. If he could afford 15 Million...why did he need more? Pure greed

sammeze Oct 15th 2010 7:31PM

DAMN Elway, aint you rich enough already ???

mojo Oct 15th 2010 7:49PM

greed that's what it's all about greed if he lost $15,000,000 how much does he have left? what ever else he has plus what he lost wasn't enough for him to live the good life? he got what greed reaps so i have no sympathy for him and others like him

Bernie Oct 15th 2010 8:05PM

If you want to get rid of corruption in america, you get rid of big government, and the con artist politicians and greedy lawyers that have screwed this nation for all its worth. Oh yeah don't forget the unions that think they should come first for the good jobs.

niki Oct 15th 2010 8:14PM

How about some help for an unemployed American who has not been able to obtain employement who is suffering.

www.pleezedonatetome.blogspot.com
Thank you!

Jim Oct 15th 2010 8:14PM

Greedy Bastards...serves them right.

matthew Oct 15th 2010 8:47PM

Is this guy any relation to Gestapo Mueller who mysteriously disappeared at the conclusion of WWII.

ajschrod Oct 15th 2010 9:14PM

Wealthy people are never satisfied with what they have--they're always trying to get more. John should be satisfied with interest paid on ORDINARY investments, not seek ways to increase the boodle. Wealthier people should not have any advantages over us common folk when it comes to "earning" money--or KEEPING it for that matter!

hopeless3945 Oct 18th 2010 12:18AM

wealthy people strive for more thats why they have money. people that dont strive for more are just lazy. no article i saw about this, showed elway bitching or complaining. its just blown up for gossip purposes. he's probably worth 150 million, so its just a blimp for him. leave him alone.

jolyjungle Oct 19th 2010 10:41PM

He is just a greedy fool. It isn't enough owning dealerships, getting endorsements. I am sure he still has plenty. Why isn't it ever enough with these fools. That is how Ponzi schemes work. They play on the greed of those duped. Maybe he can charge more for the cars he sells to make up the money lost. Go to card shows and signings and sign some footballs.
After that John, come to me and I will invest your money wisely, I guarrantee 25% return. Minimum 15 million investment. nyuk nyuk hey moe!

Robert Oct 15th 2010 9:36PM

The Social Security Administration is the largest Ponzi Scheme running, and it's been on the books since the 1930's.

ajschrod Oct 16th 2010 12:45PM

I agree Robert, but nobody has ever figured out anything good enough to repalce it. You wouldn't believe how "successful" it's been--a lot of oldsters rely on it for their ONLY income, and that's not what FDR had in mind!

joe johnson Oct 15th 2010 9:35PM

Just invest into the CITY OF BELL JOHN! Sell the car lot in ontario and move to THE CITY OF BELL JOHN!

Tom Molinaro Oct 15th 2010 9:31PM

"In their filing, Elway and Pierce ask the court to put their claim ahead of the others so that they may recapture their investment first." Yes Judge, I'm John Elway, I'm somebody, not like the others in this suit, who are nobodies.

THisOne Oct 15th 2010 10:15PM

To all you people who judge him as greedy for wanting to invest his money, perhaps even wisely...which is worse? his supposed greed or your covetousness and HYPOCRICY? Like there is a single person who has posted on this who would turn down millions of dollars if you had the athletic ability to be made such an offer. Grow up.

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