Breaking News

Reports: MU basketball coach interviewing at Tulsa April 17, 2014

Man gets 40 years in $71 million Ponzi scheme

DENVER (AP) — A Colorado man who ran a $71 million Ponzi scheme that swindled dozens of investors, including former Denver Broncos quarterback John Elway, has been sentenced to 40 years in prison.

Sean Michael Mueller received the maximum sentence Monday for theft, fraud and racketeering. The 42-year-old former hedge fund manager pleaded guilty to the charges in November.

Prosecutors say the plea agreement includes restitution of $65.46 million.

Authorities say 65 people invested $71 million with the company over 10 years, but it had $9.5 million in assets and $45 million in liabilities in April.

Elway told the court that he and a business partner gave Mueller $15 million in March.

———

Information from: KUSA-TV, http://www.9news.com

Comments

Use the comment form below to begin a discussion about this content.

Please review our Policies and Procedures before registering or commenting

News Tribune - comments