Premiership’s footie stars hit in £100m fraud
TOP footballers are feared to have been caught up in an alleged fraud worth up to £100million, it was revealed yesterday.
Victims are said to have lost vast sums after investing in a wide range of supposedly high-yield investments and tax avoidance schemes.
A former Manchester United star is believed to have put £33.5million into a movie-based plan designed to limit tax.
Others invested fortunes in a Florida-based property venture which allegedly proved worthless. Over 100 players from nearly all top flight clubs were drawn into deals offered by Kingsbridge Asset Management.
Many faced huge tax bills after film and property schemes recommended by KAM turned sour.
Police yesterday launched a criminal investigation into the firm and other associated companies.
A man aged 60 from Blackburn and two men aged 61 and 38 from Nottingham were arrested on suspicion of a fraud plot on Thursday.
KAM was set up to advise players, managers and wealthy clients outside football and the probe is into the period from 1992 to 2010.
Det Supt Perry Stokes said: “I have seen a devastating impact on the victims who have come forward. Their lives have been absolutely turned upside down.”
Individual losses range from hundreds of thousands to several millions, he said.
Mr Stokes added: “We are aware there may be many people impacted by the activities of this company and it is vital those affected come forward.” The number of alleged victims could run into hundreds with losses at £25million but the figure is set to rise, police fear.
They declined to identify anyone who has lost money. However Wayne Rooney, ex-Man Utd and now at Everton, Andy Cole, ex-Man Utd and Newcastle Utd, Rio Ferdinand, ex-Man Utd, and Kevin Campbell, ex-Arsenal and Everton, have reportedly invested in KAM projects.
Others include BBC Match Of The Day pundits Robbie Savage, Danny Murphy and Martin Keown,
The Florida scheme is said to have drawn in 31 stars who invested in flats. Craig Short, ex-Everton and Blackburn, lost money. In 2015, he said: “Lads have been suffering on their own. And now they are starting to realise there are other people out there. They feel aggrieved, anger, humiliation, really.”
A property venture on Spain’s Costa del Sol also failed with investors facing significant losses.
Contact police on 0800 056 0154, Action Fraud on 0300 123 2040 or through the UK Police Major Incident Public Reporting Site.