Man gets 40 years in $71 million Ponzi scheme
Tuesday, December 7, 2010
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
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