October 14, 2010
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.
[Photos: More images of Broncos legend John Elway]
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.
Other popular stories on Yahoo!:
• Video: Justin Bieber disses Tom Brady in rap
• Golfer challenges LPGA rule that you have to be born a woman
• Trapped miner comes out waving soccer flag
Posted Jul 2 2012
Posted Jul 3 2012
Posted Jun 21 2012