Man accused of Ponzi scheme involving Elway surrenders to police

By: KUSA Email
By: KUSA Email

DENVER, Colo. (KUSA) - Denver prosecutors have charged Sean Mueller with one count of violating the Colorado Organized Crime Act, one count of securities fraud, and two counts of theft. A judge has set Mueller's bond at $2 million.

He is expected in a Denver courtroom on Friday morning to be formally advised of the charges. The Denver Post is reporting that Elway and a partner invested as much as $15 million with Mueller as late as March.

Elway's attorney has filed a motion in an effort to recoup what are largely considered to be substantial losses. That motion asks a judge to allow Elway and his partner to, in essence, move to the front of the line because their investment was made separate from the ones made by other investors.

"These funds were to be privately managed in more conservative investments than the other Investor's funds," read the motion. Weeks after the two invested with Mueller, Mueller became the focus of a Ponzi scheme investigation. All of the funds were subsequently frozen.

There is likely to be more scrambling as investors try to recoup their losses. Court documents say 65 investors invested $71 million with Mueller. As of April, Mueller had only $9 million in cash and investments.

"[Mueller] played golf at Cherry Hills Country Club. He played tennis at Greenwood Athletic Club. These are some of the wealthiest people in the area and that's where he came in contact with them," Dow Jones Newswires Columnist Al Lewis said.

(KUSA-TV © 2010 Multimedia Holdings Corporation)

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