From the “If it sounds too good to be true” file
John Elway escaped many tackles during his career as a quarterback for the Denver Broncos, but he was no match for the lure of a hedge fund manager.
The Colorado District Attorney alleges a massive Ponzi scheme by Sean Mueller, who ran a hedge fund. Elway and his business manager reportedly invested $15 million in the fund. The alleged scheme was a garden variety fraud. New funds were used to pay existing investors and phony account statements were sent to hapless “investors”.
We are all too familiar with this scenario. ….