Elway loses $15 million in Ponzi Scheme
Posted: Fri Oct 15, 2010 9:35 am
http://sports.yahoo.com/nfl/news;_ylt=AgeahiAFJxX_mHGnX4c2jxdDubYF?slug=ap-ponzischeme-elway
I feel bad for Elway that he was victimized and lost so much of his savings, but is the last part really necessary? I'd assume Elway still has money left and he certainly still has earning power as a celebrity. Some people probably lost their life savings with no possibility of recouping it. Yeah, he deserves to have his money back, but no more than the other victims.
DENVER (AP)—Former Denver Broncos quarterback John Elway and his business partner gave $15 million to a hedge-fund manager now accused of running a Ponzi scheme.
The Denver Post reported Thursday that Elway and Mitchell Pierce filed a motion saying they wired the money to Sean Michael Mueller in March. They said Mueller agreed to hold the money in trust until they agreed on where it would be invested.
A state investigator says 65 people invested $71 million with Mueller’s company over 10 years and it only had $9.5 million in assets in April and $45 million in liabilities.
Elway’s filing asks that the court put their claims ahead of others so they can collect their money first. His lawyer declined to comment.
I feel bad for Elway that he was victimized and lost so much of his savings, but is the last part really necessary? I'd assume Elway still has money left and he certainly still has earning power as a celebrity. Some people probably lost their life savings with no possibility of recouping it. Yeah, he deserves to have his money back, but no more than the other victims.