Former Denver Broncos quarterback John Elway was reportedly swindled by a hedge fund manager, Sean Mueller, who was arrested and charged this week for running an alleged Ponzi scheme.
Elway and business partner Mitchell Pierce invested $15 million in March with Mueller,
Mueller turned himself in on Wednesday morning, one day after being charged with racketeering, securities fraud and theft in a case that cost other investors "tens of millions of dollars," according to authorities.
The Hall of Fame quarterback and his business partner reportedly met with Mueller in Denver on Feb 22. to discuss an investment with his company, Mueller Capital Management.
Elway and Pierce both wired funds to Mueller to be held in trust until the parties agreed on where to invest the money. On March 30, Mueller told the parties that he was still setting up the accounts for them, which goes along with a document filed in April by the Colorado Division of Securities in a civil case against Mueller detailing a $15 million investment made by two unnamed business partners in March.
Attorneys representing Elway and Pierce declined to comment on the filings to the Denver Post.
According to the article in the Post,Elway and Pierce "are not seeking funds invested by other investors, but are attempting to protect proceeds placed in trust, in a separate account," they said.
Additionally, they added that they "were not part of the same scheme that gave rise to the injunction entered by this court."
Elway and business partner Mitchell Pierce invested $15 million in March with Mueller,
Mueller turned himself in on Wednesday morning, one day after being charged with racketeering, securities fraud and theft in a case that cost other investors "tens of millions of dollars," according to authorities.
The Hall of Fame quarterback and his business partner reportedly met with Mueller in Denver on Feb 22. to discuss an investment with his company, Mueller Capital Management.
Elway and Pierce both wired funds to Mueller to be held in trust until the parties agreed on where to invest the money. On March 30, Mueller told the parties that he was still setting up the accounts for them, which goes along with a document filed in April by the Colorado Division of Securities in a civil case against Mueller detailing a $15 million investment made by two unnamed business partners in March.
Attorneys representing Elway and Pierce declined to comment on the filings to the Denver Post.
According to the article in the Post,Elway and Pierce "are not seeking funds invested by other investors, but are attempting to protect proceeds placed in trust, in a separate account," they said.
Additionally, they added that they "were not part of the same scheme that gave rise to the injunction entered by this court."
