Elway and Pierce swindled in Ponzi scheme
Former NFL quarterback John Elway and his business partner Mitchell Pierce have been bilked out of a $15 million investment and are now trying to get it back.
The former Denver Broncos player and his buddy wired the money to Sean Michael Mueller in March, unaware that the hedge-fund manager was actually running a Ponzi scheme. The agreement between the parties was that Mueller Capital Management LLC would hold the money in trust until they decided where to invest the funds.
A total of 65 people reportedly invested $71 million in Mueller’s hedge-fund company over a 10 year span. Assets in April were $9.5 million, coupled with $45 million in liabilities.
Lawyers representing Elway and Pierce have filed court motions, requesting that they be among the first to have their money returned.
John is married to former Oakland Raiders cheerleader Paige Green – check out some great photos of the couple here.