During his playing career, Hall of Fame Broncos quarterback John Elway was often touted as being a savvy businessman who had wisely invested the money he earned in the NFL. But in retirement Elway was reportedly duped into losing a fortune in a Ponzi scheme.
The Denver Post reports that Elway and a business partner invested $15 million with hedge-fund manager Sean Mueller, who was charged this week with racketeering, securities fraud and theft.
Elway and business partner Mitchell Pierce, who say they wired the money to Mueller in March, are among about 65 people who invested about $71 million with Mueller, who now has less than $9.5 million in cash and investments, with liabilities of $45 million.
While he was still an active player Elway was an owner of several car dealerships, and he sold five dealerships for $82.5 million in 1997.