The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: patron_anejo_por_favor who wrote (283371)	10/14/2010 12:39:59 PM
From: Jim McMannis	Read Replies (3) of 306849

John Elway invested $15 million in a Ponzi scheme John Elway duped out of millions sports.yahoo.com Hall of Fame quarterback John Elway and a business partner invested $15 million with a hedge-fund manager who was recently arrested for running a Ponzi scheme. The Denver Post reported that the two invested $15 million with Sean Mueller in March with the understanding that the money would be placed in a trust until a final decision was made about where it would be invested. About 65 people had invested $71 million with Mueller over the past decade. Yet in April, Mueller only had $9.5 million, according to a state investigator. He turned himself in to authorities on Wednesday on charges of racketeering, securities fraud and theft, and is being held in prison on $2 million bond. Elway and his partner have asked that their claim be processed ahead of any other investors' because their $15 million was supposed to be placed in a trust, not pooled with the money of the rest of the hedge fund. According to an April filing, $12 million of Elway's money was placed into a Morgan Stanley trust account, as expected. The other $3 million has gone missing. Since retiring from football, Elway's personal life has veered toward the tragic. His father died of a heart attack, his twin sister passed away due to cancer and his wife left him all in a span of 15 months.

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