Hall Of Famer Elway Seeks Mueller Money Now

Oct 19 2010 | 1:41am ET

Hall of Fame quarterback John Elway and his business partner have moved to protect what might be left of the $15 million they invested with accused hedge fund fraudster Sean Mueller.

Elway and Mitch Pierce said in court papers that their investment was supposed to be kept in a separate account from Mueller's Over Under Fund. The Denver Broncos legend is seeking a declaratory judgment for the return of their money, ahead of other investors.

Elway and Pierce's Crown Toyota in Ontario, Calif., invested with Mueller just seven months ago, in March. While both had invested with Mueller for years, the March investment was made "after receiving assurances from Mueller that the new funds would not be mingled with any other funds" and would be "held in trust, in their respective names, in an account at Morgan Stanley."

Mueller is expected to plead guilty to fraud charges next month. He is accused of defrauding investors of $20 million in a Ponzi scheme.

Mueller Capital Management has just $9.5 million left to cover liabilities of $140 million.


In Depth

Q&A: George Schultze On His Fund's Unique Approach to Distressed Investing

Apr 16 2015 | 1:01am ET

George Schultze is a managing member of Schultze Asset Management, a long/short...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Minnesota Supreme Court Rejects The Ponzi Scheme Presumption: Lenders Claw Back Some Of Their Own Rights

Apr 17 2015 | 9:23am ET

A recent court ruling in Minnesota has put an end to the Ponzi Scheme Presumption...

 

Editor's Note