DENVER (AP) — A former hedge fund manager accused of defrauding investors, including former Denver Broncos quarterback John Elway, in a $71 million Ponzi scheme has reached a plea deal with prosecutors.
Sean Mueller pleaded guilty to three felonies, including securities fraud, in a Denver courtroom Monday. Another charge was dropped and prosecutors agreed not to seek more than 40 years in prison.
Authorities say 65 people invested $71 million with Mueller’s company over 10 years. In April, it had only $9.5 million in assets and $45 million in liabilities.
Under the deal, Mueller, will also have to pay restitution. The amount hasn’t been determined yet.
