John Elway may have to find a new job as he is out millions over a Ponzi scheme
Hall of Famer and legendary Stanford QB John Elway got duped out of approximately $15 million from a hedge-fund manager who was recently arrested for running a multi-million dollar Ponzi scheme.
The Stanford grad, who happened to be an econ major, and his business partner invested their millions with 42 year-old Sean Mueller. Mueller created the Mueller’s Hedge-Fund Account that used investors’ deposits to pay off older investors. A simple Ponzi scheme that always fails once the investors dry up. Elway is trying to jump the line, as 65 others invested over $75 million with Mueller, stating that his investment was secured in a trust, therefore not part of the actual Mueller’s Hedge-Fund Account.
Either way, Elway is learning the hard way that if a deal seems too good to be true, then it probably is. This was seen with all the get-rich-quick investors who tried to turn a quick profit from the likes of Mueller to Madoff. As a general rule, greed is not always good.
In other related news, prior to his arrest, Mueller threatened to jump off the Regional Transportation parking structure, but the police intervened and prevented the suicide jump. Not really sure if Mueller was looking for sympathy or more attention, but the bottom line is, he has about $15 million in remaining assets when his books falsely claim he has over $122 million.
