Elway sacked by Ponzi scheme

Posted Oct. 14, 2010 @ 4:09 p.m.
Posted By PFW staff

Hall of Fame QB John Elway ended his playing career with back-to-back Super Bowl championships, riding off into retirement at the top of his game.

Now, 11 years after last suiting up for the Broncos, Elway has been hit with a big loss. It was reported on Thursday that the quarterback and his business partner lost $15 million in a Ponzi scheme to hedge fund manager Sean Mueller, who has been accused of racketeering, fraud and theft.

The Denver Post reported that starting in March 2010, Elway, along with Mitchell Pierce, invested the money with Mueller Capital Management, wire-transferring funds to be held in a trust until the three men could decide what to do with it. On Wednesday Mueller turned himself into authorities a day after being charged with racketeering, securities fraud and theft in a case that cost investors "tens of millions of dollars," according to the report. He is being held on $2 million bond.

Elway was one of 65 investors that Mueller had agreed to deals with since 2000, totaling more than $71 million.