Sunday, 21 December 2014
Last updated 1 day ago
Aug 8 2014 | 4:31am ET
Victims of hedge-fund fraudster Sean Mueller’s Ponzi scheme, including Denver Broncos legend John Elway, are set to receive a fraction of the $71 million they lost in his scam.
The receiver in the Mueller case is preparing to return about $10 million to victims. Elway, the former Broncos quarterback who is now the team’s general manager, is in line to get $1.4 million of that. He lost $9 million in Mueller’s fraud.
All told, more than 100 claims were filed against the Mueller estate. Claims worth $68.4 million have been accepted.
Mueller pleaded guilty to fraud charges in 2010. Prosecutors said he lied to investors about the size and success of his Mueller Capital Management and its Mueller Over-Under Fund. According to the state’s lawsuit against him, Mueller admitted he scammed investors in a series of e-mails and notes written prior to his suicide attempt in April, when he was talked down from a building in suburban Denver. In a note written after the suicide attempt, Mueller admitted that documents claiming his Over-Under Fund managed $122 million were falsified. He wrote that only $15 million remained of the $20.6 million he collected.
Mueller also allegedly promised double-digit returns regardless of market conditions, telling potential investors he had never lost money in eight years and consistently returned between 12% and 25% annually.
He was sentenced to 40 years in prison.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.