DENVER -- Wayde McKelvy, a former Denver resident, accused by federal regulators of operating a $30 million Ponzi scheme, told investors Thursday night that the allegations are "ridiculous," the Denver Business Journal reported Friday.

McKelvy, founder of Centennial-based Speed of Wealth LLC, also defended former Denver Broncos quarterback John Elway, who was paid to speak at a couple of company events, a fact highlighted in news reports on the accusations against McKelvy.

"John Elway has nothing to do with Speed of Wealth," McKelvy said in the telephone conference with investors. "We paid him a fee to speak … about football. He never endorsed Speed of Wealth."

Yet, Elway gave lukewarm support to McKelvy and "his philosophies on growing your wealth" in a video of a Sept. 29 Speed of Wealth seminar at The Broadmoor in Colorado Springs.

"My hat goes off to everybody here to come out and listen to Wayde talk and listen to his philosophies on growing your wealth and how different things work," the Hall of Fame quarterback told the audience.

"I think having done this one show with Wayde up in Denver already and listening to what he does and reading his book, there's a lot of good things there," Elway added.

But the Super Bowl champion quarterback, discussing his off-the-field business successes and failures, also cautioned people to pay attention to their gut if they're wary of an investment.

"When you make an investment and you get a knot, that knot is telling you something," Elway, 49, said in reply to an audience question about fear. "Understand where that fear is coming from."

The U.S. Securities and Exchange Commission on Monday accused McKelvy and his ex-wife, Donna McKelvy, of operating a scheme that persuaded more than 300 investors nationwide to finance "green" projects by Pennsylvania-based Mantria Corp. These included a "carbon-negative" housing community in rural Tennessee and a "biochar" charcoal substitute made from organic waste.

Mantria executives Troy Wragg and Amanda Knorr also are named in the complaint. One of the claims cited by the SEC involves a May 21, 2009, seminar where Wragg allegedly claimed that Mantria's biochar manufacturing system at Hohenwald, Tenn., is "producing $6.2 million annually." The SEC said that Amanda Knorr admitted that the Tennessee facility has never been operational and that it has never produced any revenues for Mantria.

In reality, the SEC said, "It has not sold any biochar ... holds no patents on the process and the technology is at best in the testing phase."

Elway's agent and business manager, Jeff Sperbeck, has said the Bronco's legend did not endorse the company or invest personally in Mantria or Speed of Wealth. Elway no longer has any relationship with either firm.

But Speed of Wealth is a cautionary tale showing how celebrities need to be careful choosing speaking engagements.

At The Broadmoor event, McKelvy brashly described Elway as the "carrot" he was dangling to make potential investors stick around for a session "where my partner Troy Wragg of Mantria Industries is going to present to you the most unbelievable opportunity to build wealth available today -- bar none."

"At that session is when you're going to get your chance to get your autographs and pictures taken with Mr. Elway," McKelvy told the audience. "See how we kind of just bribe you, dangle that carrot out there. Because no one wants to get their picture take with Wayde McKelvy. I don't understand that. I guess you have to be some studly quarterback."

In the Thursday night teleconference, McKelvy told investors he might have made mistakes, but denied the pyramid scheme accusations.

“I may have made some mistakes; possibly selling securities without a license,” McKelvy said, according to the Business Journal. Investors knew he was getting a 12.5 percent commission, he added. But he denied that he had paid off earlier investors from later investors’ funds.

“I never touched the money, folks,” McKelvy said.

McKelvy, who said he was at his Miami condominium when he learned of the SEC charges against him, told investors that all of his accounts were frozen and that he expected to lose his home to foreclosure, according to the Business Journal.

He won’t have legal representation in court – both McKelvys are due at a court hearing Friday in Denver – because the former couple’s limited funds will pay for only one lawyer.

“I chose to make sure that Donna is represented,” McKelvy said, according to the Business Journal.