The Denver Post reported Thursday that Elway and Mitchell Pierce filed a motion saying they wired the money to Sean Michael Mueller in March. They said Mueller agreed to hold the money in trust until they agreed on where it would be invested.
A state investigator says 65 people invested $71 million with Mueller's company over 10 years and it only had $9.5 million in assets in April and $45 million in liabilities.
Elway's filing asks that the court put their claims ahead of others so they can collect their money first. His lawyer declined to comment.
Police took Mueller into custody in April after he sent apologetic messages to investors and threatened to jump off a parking garage, the Post reported. He was hospitalized and later released.