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.


In Depth

Q&A: SkyBridge’s Anthony Scaramucci Readies For Wall Street Week Debut

Apr 16 2015 | 12:56pm ET

Anthony Scaramucci, founder and managing director of asset management firm SkyBridge...

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