Live

Watch CBSN Live

John Elway Thrown for $15 Million Loss in Ponzi Scheme? NFL Great Wants His Money Back ASAP

John Elway Thrown for $15 Million Loss in Ponzi Scheme? NFL Great Wants His Money Back ASAP
John Elway (Wikipedia)

DENVER (CBS/AP) Football Hall-of-Famer John Elway and his business partner gave $15 million to a hedge-fund manager now accused of running a Ponzi scheme.

The Denver Post reported Thursday that Elway, the former Denver Broncos superstar, and Mitchell Pierce filed a motion saying they wired the money to Sean Michael Mueller in March. They said Mueller agreed to hold the $15 million 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.

View CBS News In