Probe into mis-selling after former footballers lose millions

CITY POLICE have launched a criminal investigation into a firm at the centre of mis-selling scandal that left several high-profile former footballers, including Rio Ferdinand, nursing millions in losses.

The activities of Kingsbridge Asset Management, which was run by David McKee and Kevin McMenamin, is being probed over allegations of fraud that has hit the ex-Manchester United star and others.

The former professionals are thought to have invested in film and property schemes recommended by the duo, but which then turned sour when the footballers were slapped with tax demands following an HMRC crackdown.

The City of London Police said: “It is alleged that management and staff including financial advisers conspired together to defraud a large number of company clients, resulting in significant financial losses.

“The company ceased trading in 2010, but it is believed there may be hundreds of people affected by this alleged activity and may be victims of fraud.”

Square Mile police are encouraging anyone who was a client of the company or associated companies between 1992 and 2010, and believes they have been defrauded, to come forward. On Thursday, detectives from the City’s fraud squad arrested a 60-year-old man from Blackburn and two men, aged 61 and 38, from Nottinghamshire on suspicion of conspiracy to defraud in connection with the investigation.

Police have confirmed that the three men have since been released under investigation.