Here’s a hot tip on how to run a Ponzi scheme, compliments of Sean Mueller, famed for ripping off Hall of Famer John Elway:
Get the accountants in on the deal.
A lawsuit filed by C. Randel Lewis, the receiver for Mueller’s remaining assets, details how principals of accounting firm Bailey Saetveit & Co. ended up owning 10% of Mueller’s funds and allegedly became blinded to the many red flags that cried, Ponzi!
Click here to read my column on the lawsuit.
“Schaefer and Saetveit lent an air of credibility and legitimacy that was essential to the success of the Ponzi scheme,” it reads.
No comment from the accounting firm so far. But it will be interesting to see their response in court. It appears to me that they were victims too, having lost not only money to Mueller but a reputation as well.