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View Full Version : Elway hit's tough times


cutthemdown
10-14-2010, 09:17 AM
http://sports.yahoo.com/nfl/blog/shutdown_corner/post/John-Elway-invested-15-million-in-a-Ponzi-schem?urn=nfl-276931

Hall of Fame quarterback John Elway invested $15 million with a hedge-fund manager who was recently arrested for running a Ponzi scheme.

Elway and a partner invested $15 million with Sean Mueller in March with the understanding that the money would be placed in a trust until a final decision was made about where it would be invested.

About 65 people had invested $71 million with Mueller over the past decade. Yet in April, Mueller only had $9.5 million, according to state investigators. He turned himself in to authorities on Wednesday on charges of racketeering, securities fraud and theft and is being held in prison on $2 million bond.

Elway and his partner have asked that their claim be processed ahead of any other investors' because their $15 million was supposed to be placed in a trust, not pooled with the money of the rest of the hedge fund. According to an April filing, $12 million of Elway's money was placed into a Morgan Stanley trust account, as expected. The other $3 million has gone missing.

Since retiring from football, Elway's personal life has veered toward the tragic. His father died of a heart attack, his twin sister passed away due to cancer and his wife left him all in a span of 15 months.



What a bummer.

SonOfLe-loLang
10-14-2010, 09:23 AM
Why did you throw an apostrophe in "hits"

Taco John
10-14-2010, 09:38 AM
I can't imagine losing $15 million dollars, just gone...

Rabb
10-14-2010, 09:40 AM
I can't imagine losing $15 million dollars, just gone...

I don't know about you but I'd be pissed if I lost fifteen dollars lol

epicSocialism4tw
10-14-2010, 09:45 AM
Elway needs to test the political waters. He'd win in every state except for Ohio. ;D

Beantown Bronco
10-14-2010, 09:54 AM
Elway needs to test the political waters. He'd win in every state except for Ohio. ;D

That's the quickest way to go from being universally loved to universally hated. Just ask the governator.

Mogulseeker
10-14-2010, 09:54 AM
Why did you throw an apostrophe in "hits"

Hilarious! Because they owned him.

Smiling Assassin27
10-14-2010, 10:12 AM
I don't know about you but I'd be pissed if I lost fifteen dollars lol

Dude, I find a 10-spot in my freshly washed jeans and I act like i hit the lottery.

bowtown
10-14-2010, 10:15 AM
Let's be real here. Elway has not hit tough times. He got bliked out of a measly 3 million dollars. He still has a bajillion more where that came from. His sister and dad dying are indeed sad, but he sure doesn't seem to be missing Janet all that much.

http://thebiglead.com/wp-content/uploads/2009/09/john_elway_and_actress_paige_green.jpg

I'd say The Duke is doing A-OK.

footstepsfrom#27
10-14-2010, 10:17 AM
Since retiring from football, Elway's personal life has veered toward the tragic. His father died of a heart attack, his twin sister passed away due to cancer and his wife left him all in a span of 15 months.
I thought he left her? Didn't he dump her for a trophy wife from the Raider cheerleaders? Or was he playing the field before he met the Raiderette chick? Either way...he did initiate their breakup...or am I wrong on this? I don't pay much attention to stuff like this but I was sure that was the story reported...no?

ColoradoDarin
10-14-2010, 10:31 AM
That's too bad, but with the Elway name, I bet he can make $15mm back pretty easily.

Pony Boy
10-14-2010, 10:32 AM
Let's be real here. Elway has not hit tough times. He got bliked out of a measly 3 million dollars. He still has a bajillion more where that came from. His sister and dad dying are indeed sad, but he sure doesn't seem to be missing Janet all that much.

http://thebiglead.com/wp-content/uploads/2009/09/john_elway_and_actress_paige_green.jpg

I'd say The Duke is doing A-OK.

I bet he was twittering her before and after the game.....

Beantown Bronco
10-14-2010, 10:33 AM
He should've asked my advice first.....I can see these scams coming a mile away.

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mkporter
10-14-2010, 10:46 AM
http://sports.yahoo.com/nfl/blog/shutdown_corner/post/John-Elway-invested-15-million-in-a-Ponzi-schem?urn=nfl-276931

Hall of Fame quarterback John Elway invested $15 million with a hedge-fund manager who was recently arrested for running a Ponzi scheme.

Elway and a partner invested $15 million with Sean Mueller in March with the understanding that the money would be placed in a trust until a final decision was made about where it would be invested.

About 65 people had invested $71 million with Mueller over the past decade. Yet in April, Mueller only had $9.5 million, according to state investigators. He turned himself in to authorities on Wednesday on charges of racketeering, securities fraud and theft and is being held in prison on $2 million bond.

Elway and his partner have asked that their claim be processed ahead of any other investors' because their $15 million was supposed to be placed in a trust, not pooled with the money of the rest of the hedge fund. According to an April filing, $12 million of Elway's money was placed into a Morgan Stanley trust account, as expected. The other $3 million has gone missing.

Since retiring from football, Elway's personal life has veered toward the tragic. His father died of a heart attack, his twin sister passed away due to cancer and his wife left him all in a span of 15 months.



What a bummer.


This article makes it seems like the Duke has hit really hard times, which is ridiculous. Losing his Father and Sister are both very sad, but losing $3 mil? I think he'll be fine. And as others have noted, he's banging a hot cheerleader. Perspective...

BroncoLifer
10-14-2010, 10:53 AM
And as others have noted, he's banging a hot cheerleader. Perspective...

And before the hot cheerleader he was banging the hot Playmate, Carrie Stevens. I was very impressed after seeing her photo in Mr. Hefner's magazine. :~ohyah!:

missingnumber7
10-14-2010, 10:55 AM
I can't imagine losing $15 million dollars, just gone...

I can't imagine having 15 mil

manchambo
10-14-2010, 11:12 AM
He's got a net worth in the neighborhood of $100 million.

I know some people who belong to cherry hills country club, where Elway golfs, and apparently he's there almost all the time, playing golf or cards. When he's not there he's either (a) hanging out at his restaurant, or (b) at a celebrity golf event. And somewhere he manages to fit in time to bang hot chicks on a regular basis (I'm sure he's still crying to sleep over his wife "leaving him.")

Somehow I don't feel that bad for him. His dad dies, but everybody's dad dies eventually. His twin sister was of course very hard, I'm sure. But on the whole he's had a pretty charmed life.

All of which makes me think the whole ides of this article is basically retarded.

Sodak
10-14-2010, 11:14 AM
Let's be real here. Elway has not hit tough times. He got bliked out of a measly 3 million dollars. He still has a bajillion more where that came from. His sister and dad dying are indeed sad, but he sure doesn't seem to be missing Janet all that much.

http://thebiglead.com/wp-content/uploads/2009/09/john_elway_and_actress_paige_green.jpg

I'd say The Duke is doing A-OK.

What's up with the hat?

Rock Chalk
10-14-2010, 11:24 AM
I can't imagine losing $15 million dollars, just gone...

Im not sure if you caught the part where he didnt lose 15 million, he lost 3 million. It was all supposed to go into a trust, and 12 million of it did, but 3 million is missing.

baja
10-14-2010, 11:24 AM
I can't imagine losing $15 million dollars, just gone...

A friend/client of mine lost almost 100 million with Bernie "Made-off". He even mortgaged properties he had fee and clear because he was getting a greater return from "Made-off'' than the interest he was paying on his loans. It left him almost broke. Very sad story...

Rock Chalk
10-14-2010, 11:27 AM
A friend/client of mine lost almost 100 million with Bernie "Made-off". He even mortgaged properties he had fee and clear because he was getting a greater return from "Made-off'' than the interest he was paying on his loans. It left him almost broke. Very sad story...

Yeah, sad.

Anyone that has made 100 million+ dollars almost certainly did some shady **** to someone to get to that point.

Madoff is a crook, and should be hung from his testicles but if you invested EVERYTHING into one basket you deserve to be ass raped anyway.

Blart
10-14-2010, 11:27 AM
All of that "tragic" stuff happened in the 90's, Mr. Yahoo sports writer.

Beantown Bronco
10-14-2010, 11:29 AM
All of that "tragic" stuff happened in the 90's, Mr. Yahoo sports writer.

What?

Dad in 2001
Sis in 2002
Divorce in 2003

baja
10-14-2010, 11:40 AM
Yeah, sad.

Anyone that has made 100 million+ dollars almost certainly did some shady **** to someone to get to that point.

Madoff is a crook, and should be hung from his testicles but if you invested EVERYTHING into one basket you deserve to be ass raped anyway.

Actually my friend is a well known author and humanitarian and an heir to a family fortune who trusted his friend and lawyer with his money who in turn invested with madoff (he lost all his money too) but nice try you cynical baastard. :D

baja
10-14-2010, 11:44 AM
Yeah, sad.

Anyone that has made 100 million+ dollars almost certainly did some shady **** to someone to get to that point.

Madoff is a crook, and should be hung from his testicles but if you invested EVERYTHING into one basket you deserve to be ass raped anyway.

Ya know you and Rev. are two very similar type people. You are very smart but you are so arrogant that you jump to ridiculous and unfounded conclusions this will bite you in the ass someday. ;D

broncocalijohn
10-14-2010, 11:48 AM
That's the quickest way to go from being universally loved to universally hated. Just ask the governator.

as a californian, I can back this one up. Some times public figures try to be loved by everyone which is what the big wimp Arnold did here.
Elway has many more millions than the $15 he invested (which was stated he had a partner so it wouldnt be the full $15 million). I need to contact my cousin as he has been partners with Elway in a dealership. Hope he isnt the other investor.

Rock Chalk
10-14-2010, 12:20 PM
Actually my friend is a well known author and humanitarian and an heir to a family fortune who trusted his friend and lawyer with his money who in turn invested with madoff (he lost all his money too) but nice try you cynical baastard. :D

My bad, he is just an idiot for having a friend that is a lawyer and then a bigger idiot for using that friend's advice to invest ALL of his money in.

I mean really. How does one make 100 million dollars and then make a really foolish decision like that? If it sounds too good to be true, it is.

cutthemdown
10-14-2010, 12:35 PM
Why did you throw an apostrophe in "hits"

Well when I first tried to start thread it didn't work. Took me like 4 times renaming the title to get it to take. Sorry it made it incomprehensible to the point you had to ask a question about it.

By the way you are a loser. Look no apostrophe!!

baja
10-14-2010, 12:42 PM
My bad, he is just an idiot for having a friend that is a lawyer and then a bigger idiot for using that friend's advice to invest ALL of his money in.

I mean really. How does one make 100 million dollars and then make a really foolish decision like that? If it sounds too good to be true, it is.

He wrote three best selling books and was heir to a large fortune. He lived in a log cabin for ten years and is quite naive about money.

His take on the loss, "I know know who my true friends are"

worm
10-14-2010, 01:07 PM
Sorry Baja, the greedy idiots who thought it was possible to get the of rate of return Bernie was offering, deserve what they got.

Of course Madoff being incarcerated at Camp Fluffy is ridiculous. He belongs in general lockup with a roomie named Bubba.

Steve Sewell
10-14-2010, 01:25 PM
Elway sold his auto dealership like 10 years ago for $90 mil.

I'm sure he's fine. Besides, only $3 mil is missing at this point. They found the other $12 in that trust.

Inaccurate thread title is inaccurate.

cutthemdown
10-14-2010, 01:30 PM
I just used the title from the story. Big ****ing deal. Omane has become a bunch of pussies. I'm out a here.

Rabb
10-14-2010, 01:33 PM
I just used the title from the story. Big ****ing deal. Omane has become a bunch of pussies. I'm out a here.

overreact much?

don't let the door hit ya'

STBumpkin
10-14-2010, 01:49 PM
He wrote three best selling books and was heir to a large fortune. He lived in a log cabin for ten years and is quite naive about money.

His take on the loss, "I know know who my true friends are"

I find it hard to feel sorry for anyone who had $100 mil to invest in the first place, especially because much of it was his inheritance. Anyone who is to inherit $100 mil and is naive about money is an idiot. He probably doesn't 'deserve' that kind of misfortune, but it doesn't sound like he did anything to protect himself from it. Also, if he wrote three best sellers, royalties should keep him fat and happy. Nope, don't feel sorry at all.

baja
10-14-2010, 01:59 PM
Sorry Baja, the greedy idiots who thought it was possible to get the of rate of return Bernie was offering, deserve what they got.

Of course Madoff being incarcerated at Camp Fluffy is ridiculous. He belongs in general lockup with a roomie named Bubba.

Normally I would agree with you but many many good people and institutions got cleaned out not because of greed but because of trust. His was a fund considered super safe, even municipalities invested with the douche.

Even professional money mangers investing other peoples money got caught in the scam.

bowtown
10-14-2010, 02:01 PM
I just used the title from the story. Big ****ing deal. Omane has become a bunch of pussies. I'm out a here.

When did you turn into such a drama llama?

Los Broncos
10-14-2010, 02:04 PM
I just used the title from the story. Big ****ing deal. Omane has become a bunch of pussies. I'm out a here.

Hey man, check your inbox.

baja
10-14-2010, 02:06 PM
I find it hard to feel sorry for anyone who had $100 mil to invest in the first place, especially because much of it was his inheritance. Anyone who is to inherit $100 mil and is naive about money is an idiot. He probably doesn't 'deserve' that kind of misfortune, but it doesn't sound like he did anything to protect himself from it. Also, if he wrote three best sellers, royalties should keep him fat and happy. Nope, don't feel sorry at all.

You guys are amazing.

How would you feel if it were you farther that invested your inherence with Bernie before you could sniff a nickel of it?

Champagne Powder
10-14-2010, 02:15 PM
Let's be real here. Elway has not hit tough times. He got bliked out of a measly 3 million dollars. He still has a bajillion more where that came from. His sister and dad dying are indeed sad, but he sure doesn't seem to be missing Janet all that much.

I'd say The Duke is doing A-OK.

Even if Elway lost all his money, he could sign autographs for $75-100 a pop and still make a good living.

STBumpkin
10-14-2010, 02:17 PM
You guys are amazing.

How would you feel if it were you farther that invested your inherence with Bernie before you could sniff a nickel of it?

Now you're changing your story. You said that your friend trusted his lawyer friend, not that his father did. You also said he mortgaged properties he had free and clear. That is greed, pure and simple. Don't know the story, but as you stated it he was stupid and greedy.

errand
10-14-2010, 02:22 PM
I can't imagine losing $15 million dollars, just gone...

I agree it sucks to be swindled outta $5, let alone $15 million..having said that i believe this is just drama being created by the media. elway was an economics major if I'm not mistaken...i'm sure he's still got alot of moola to last him the rest of his life.

Requiem
10-14-2010, 02:30 PM
How will he ever drink again?

baja
10-14-2010, 02:55 PM
Now you're changing your story. You said that your friend trusted his lawyer friend, not that his father did. You also said he mortgaged properties he had free and clear. That is greed, pure and simple. Don't know the story, but as you stated it he was stupid and greedy.

Jesus!

I'm not changing my story I'm giving you an example that would effect you personally and asking you if you would still be an apologist for slime ball Bernie Madoff under the situation?

baja
10-14-2010, 02:58 PM
Now you're changing your story. You said that your friend trusted his lawyer friend, not that his father did. You also said he mortgaged properties he had free and clear. <b>That is greed, pure and simple. Don't know the story, but as you stated it he was stupid and greedy.

BTW Using cheep money to invest in a secure investment that has a greater return that the interest on the borrowed money is a very common investment stradigy and is not greed.

baja
10-14-2010, 02:59 PM
How will he ever drink again?

You have the greatest avatars

STBumpkin
10-14-2010, 03:02 PM
BTW Using cheep money to invest in a secure investment that has a greater return that the interest on the borrowed money is a very common investment stradigy and is not greed.

Risking nearly everything you own when you have absolutely no need for more is the definition of greed.

STBumpkin
10-14-2010, 03:04 PM
Jesus!

I'm not changing my story I'm giving you an example that would effect you personally and asking you if you would still be an apologist for slime ball Bernie Madoff under the situation?

Nowhere was I an apologist for Madoff, of course he was a slime ball. My argument is that your friend/client was a greedy idiot.

rbackfactory80
10-14-2010, 03:05 PM
Actually my friend is a well known author and humanitarian and an heir to a family fortune who trusted his friend and lawyer with his money who in turn invested with madoff (he lost all his money too) but nice try you cynical baastard. :D

Watermock?

baja
10-14-2010, 03:05 PM
Risking nearly everything you own when you have absolutely no need for more is the definition of greed, plain and simple.

Only a fool does not put his money to work. Plain & simple!!!!

STBumpkin
10-14-2010, 03:09 PM
Only a fool does not put his money to work. Plain & simple!!!!

But you don't risk it all, you put some in a very low/no risk account somewhere so that when Bernie Madoff makes the rest disappear you have something to fall back on. Only a fool risks everything when he needs nothing.

Your friend mortgaged property he owned outright to make money he didn't need in a scheme where he lost it all. Fool.

HooptyHoops
10-14-2010, 03:13 PM
Only a fool does not put his money to work. Plain & simple!!!!

100% Agree!

BroncsRule
10-14-2010, 03:17 PM
For the record: Janet moved out. Hard to say who "initiated" what, but it was Janet who decided she'd had enough.

But then they both seem to be doing OK.

baja
10-14-2010, 03:22 PM
But you don't risk it all, you put some in a very low/no risk account somewhere so that when Bernie Madoff makes the rest disappear you have something to fall back on. Only a fool risks everything when he needs nothing.

Your friend mortgaged property he owned outright to make money he didn't need in a scheme where he lost it all. Fool.

I agree probably not wise to put all your eggs in one basket but my friend is guilty of trusting his friend to invest wisely, after all he had made many millions investing his own money up until the madoff situation. My friend is guilty of blind trust not greed.

BroncsRule
10-14-2010, 03:22 PM
..and now, back to your regularly scheduled pissing contest.

colonelbeef
10-14-2010, 06:56 PM
I remember reading in the Wall Street Journal not too long ago that he was worth somewhere in the $150 million range, I'd say his liquidity took a hit but he is doing just fine overall.

mkporter
10-14-2010, 08:03 PM
I agree probably not wise to put all your eggs in one basket but my friend is guilty of trusting his friend to invest wisely, after all he had made many millions investing his own money up until the madoff situation. My friend is guilty of blind trust not greed.

You friend certainly did not deserve to lose everything he owned, unless he was a giant d-bag, which I'm guessing he's not. He was acting greedy though. When you have $100M, you don't go investing every last penny and then borrow more money to invest in the hopes you can make even more. That's greed. Compounded by naivety.

baja
10-14-2010, 08:30 PM
You friend certainly did not deserve to lose everything he owned, unless he was a giant d-bag, which I'm guessing he's not. He was acting greedy though. When you have $100M, you don't go investing every last penny and then borrow more money to invest in the hopes you can make even more. That's greed. Compounded by naivety.

Madoff fooled a lot of people. He was returning about 10% yearly with what everyone on Wall Street thought was a very safe investment. He even got churches if my memory serves me correctly.

I might be wrong about the amount, I do know it was several millions and I did hear from a mutual friend his net worth was around 100 million and he basically got wiped out but I guess it could be 70 or 80 mil. It was a shiit load of money though. If you knew my friend you would know he does not have a greedy bone in his body. I'm done with this conversation believe what you will.

manchambo
10-14-2010, 10:47 PM
You friend certainly did not deserve to lose everything he owned, unless he was a giant d-bag, which I'm guessing he's not. He was acting greedy though. When you have $100M, you don't go investing every last penny and then borrow more money to invest in the hopes you can make even more. That's greed. Compounded by naivety.

It's not just greed, but anyone with any sense should know that investments should be diversified. I don't care how safe you think something is, you don't put all of your money in it.

mkporter
10-15-2010, 12:19 AM
Madoff fooled a lot of people. He was returning about 10% yearly with what everyone on Wall Street thought was a very safe investment. He even got churches if my memory serves me correctly.

I might be wrong about the amount, I do know it was several millions and I did hear from a mutual friend his net worth was around 100 million and he basically got wiped out but I guess it could be 70 or 80 mil. It was a shiit load of money though. If you knew my friend you would know he does not have a greedy bone in his body. I'm done with this conversation believe what you will.

Everybody has greedy bones in their body. I'm sure your friend is a stand up guy and very generous. Maybe he didn't push as hard to make more $$ as your original post implied, but if he did, he was succumbing to greed. Couple that with naivete, and a grade A d-bag, he got shafted.

broncogary
10-15-2010, 05:33 AM
BTW Using cheep money to invest in a secure investment that has a greater return that the interest on the borrowed money is a very common investment stradigy and is not greed.

I think it's called the "Lehman Brothers Stradigy." :thanku:

Boss Man
10-15-2010, 08:43 AM
jesus....if you call that tough times, i would hate to see what my life would be classified as at this point.

worm
10-15-2010, 09:04 AM
jesus....if you call that tough times, i would hate to see what my life would be classified as at this point.

Dude. How ARE you doing? Situation improve at all? Update your thread!!

Boss Man
10-15-2010, 09:17 AM
ya...not much better will update in a few, my bad

bombay
10-15-2010, 10:26 AM
My guess is that he and his partner are out all $15 M, at least until this gets sorted out in bankrupcy court. I don't know whether they'lll allow the $12 to be considered separately even though it was apparently in a separate account.