John Elway's Hedge Fund Manager Pleads Guilty
The hedge fund manager that conned John Elway and other wealthy Denver investors pleaded guilty to securities fraud and theft, among other things. Sean Mueller accepted a plea agreement for no more than 40 years in prison. Sentencing will occur on December 6, 2010.
There is only some $9 million left to cover $140 million in liabilities, from the $71 million invested over 10 years. According to the court appointed receiver, those figures include gains reported to investors in false statements. Mueller had been under investigation since April 2010, when he sent an email to his investors suggesting that most of the money he was investing was gone and was threatening to jump off the top of a parking garage to commit suicide.