Mueller Receiver Seeks $26 Million From Brokers

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.

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