John Elway, the Hall of Fame quarterback who played for Denver Broncos was one among 65 investors who had lost millions of money due to a Ponzi scheme by a former hedge fund manager named Sean Mueller of Colorado as reported by the Denver Post.

The Denver District Attorney charged 42 year old Mueller with a fraud case as he ran a classic Ponzi scheme. He is held on a two millions dollars bail. He used the money of the new investors to pay off the older ones and also created false documents to cover up his trail. This is known as the Ponzi scheme. Mueller even tried to commit suicide by jumping of a tall building. He had even sent mails to his clients to take care of his wife and children after his death. It is believed that his losses must have accumulated to a quite a few tens of millions. The Organized Crime Control Act had charged him with two cases of theft and a securities fraud case.

According to reports in the Denver Post Elway along with a business partner of his, has lost close to $15 million which he had invested in Mueller’s “hedge fund”. Around 65 investors have been known to be involved in this scheme involving a total amount of $71 million. However, the official figure of how much he had lost was not known as no comment was obtained from his agent and spokesman.
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