Wednesday, 28 January 2015
Last updated 1 hour ago
Nov 24 2010 | 5:01am ET
Football great John Elway won't get any court-ordered special treatment to recoup his losses in a Colorado Ponzi scheme.
A Denver District Court judge denied the Hall of Fame quarterback's motion, in the city where his legend was made, to be put ahead of other victims of Sean Mueller's fraud. Elway and his business partner, Mitch Pierce, argued that Mueller had promised to keep the $15 million they invested earlier this year separate from the funds of other investors.
Judge Brian Whitney told Elway and Pierce to take up that argument with the court-appointed receiver in the case.
Mueller pleaded guilty last month to ripping about 65 investors off to the tune of $71 million. There is only about $9.5 million left in the accounts of Mueller Capital Management to cover the estimated $140 million in liabilities.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…