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Footballers ‘lose £30m in investment scheme’

A hundred footballers are believed to have been caught in an alleged £30m investment scam.

The Mirror reports that players said to have lost out include former Fulham midfielder Jimmy Bullard and Irish international Robbie Keane.

Investors were promised returns of 20 per cent a month, but the scheme collapsed at the end of 2011 with large debts. Police are probing alleged links to gambling on football matches.

It is thought the arrangement may have been a Ponzi scheme, with players who saw initial returns recommending the investment to teammates, friends and family.

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Comments

There are 12 comments at the moment, we would love to hear your opinion too.

  1. 20 % per month and they believed that my mum always said more money than sense sounds about right

  2. “Investors were promised returns of 20 per cent a month, but the scheme collapsed at the end of 2011 with large debts…”

    Difficult to feel sympathy if people signed up on this basis. If it looks too good to be true, the chances are…

  3. It was always said that footballer`s brains were in their feet !!

  4. I was wondering why no one ever picked up on a ‘proper’ Ponzi Scheme called Banners Broker. They scammed millions all over the world including the UK. Went bust at the end of last year but not a peep in any of the press I have seen.

  5. One does wonder who is advising these footballers

  6. its easy to con greedy overpaid people who obviously didn’t take professional advice.

  7. Just one word !

    Accountants ?

  8. Yes just who was advising these people? I hope it was not an IFA because I really don’t want to have to compensate well paid footballers! When will people get the message that anything that offers a return of such magnitude is risky – to say the least?

  9. Of the returns received, how much was disclosed on their tax returns – I wonder?

  10. PLEASE, please, please, Tessa Norman (and Money Marketing in general) will you STOP calling these illegal, fraudulent, unregulated, get-rich-quick arrangements ‘Investment Schemes’. They are NOT ‘Investment Schemes’. Investment Schemes are attractively dull and boring, traditional arrangements incorporating investment in good ol’ stocks and shares, with regulatory protection and excellence of advice, not to be confused with the above.

    Your method of sensationalist reporting of such nonsensical schemes for the dim and unwary, aligning them with traditional ‘investment schemes’ allows the uneducated to link them to those traditional schemes and therefore compound the general view that all investments are bad. I make this point because few readers generally read further than the headline or maybe the first paragraph in an article before establishing their opinion, and whilst the media tend to think this type of reporting will stimulate interest all it does is perpetuate the misunderstanding of the investment market.

    Next time, please lead with ‘Dim footballers duped by illegal, fraudulent get-rich-quick scheme’ and maybe the general public will take it for what it is.

  11. Brian Gannon: Dodgy unregulated advisers who give kickbacks to their agents in exchange for persuading their clients to sign up to rubbish like this.

    Footballers are sitting ducks for scammers. Loads of money, young and naive, no experience of investments, no A-levels, no advisers, and their friends and family will often also have little financial awareness and won’t be able to recommend them a proper adviser or tell them to watch out.

  12. I find it very difficult to be sympathetic to footballers and others in highly paid occupations. I am all for protecting the vulnerable but it is very difficult to think of these people as being vulnerable. As I understand it most football clubs have their own advisers who are presumably vetted by the Clubs. However, even if footballers have been sheltered from the real world (I would dispute that) there is no excuse for lack of common sense. I am not condoning these schemes but people do have to take some responsibility for their own actions.

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