New York (Hedgeco.net) – Former quarterback for the Denver Broncoes, John Elway and his partner Mitch Pierce, have filed court documents investigating the $15 million they invested March 2010 with hedge fund manager Sean Mueller, the WSJ reports.
The hedge fund had claimed assets of $122 million, but when investigated in April, Mueller Capital’s Over-Under Fund account balance showed significantly less. According to the WSJ, the Denver District Attorney said that Mueller “Knowingly used new investor funds to pay existing investors over the past 10 years in what appears to be a classic Ponzi scheme.”
After threatening to kill himself in April, 2010, it is reported that Mueller was found by police considering a jump from about 19 stories. Mueller had also apologized to his clients for financial losses by Email.
Court papers filed for Elway and Pierce say their investment was to remain in a separate pool from Mueller’s hedge fund. The business partners want to recover their losses ahead of other investors.
Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership in HedgeCo.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
