Thursday, 31 July 2014
Last updated 8 hours ago
Mar 28 2012 | 11:34am ET
More than a year after Ponzi schemer Sean Mueller was sent to prison for 40 years, the court-appointed receiver in the case is going after his brokers.
C. Randel Lewis earlier this month filed an arbitration claim against Mueller's brokers, including M.S. Howells & Co. He's seeking $26 million.
Lewis alleges that the brokers ignored warning signs that Mueller's Over-Under Fund was insolvent. It was: Mueller was running a $71 million Ponzi scheme, promising investors double-digit returns. He also told investors that he had never lost money in eight years and that he managed $122 million; none of the claims were true.
Mueller pleaded guilty in November 2010 to ripping off some 65 investors, including Hall of Fame quarterback John Elway.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…