Professional sportspeople put their body and soul into becoming the very best they can be. And, because getting to the top takes everything they have, they often rely on professional advisors to look after them in other areas.
Unfortunately however, thousands of sportsmen and women have put their trust in the wrong people. As a result of being targeted by unscrupulous financial advisors and banks, many have lost fortunes due to financial scams.
Persuaded to invest in risky, unregulated, and unsuitable investment schemes involving wine, movies, property, or other such ventures, promises of big returns did not materialise. Instead, victims of sports investment fraud are facing losses ranging from a few thousand to millions of pounds.
Keen to right this wrong, we are helping professional athletes who have fallen victim to financial scams get their money back. What’s more, because prevention is better than cure, we are also raising awareness of this issue to prevent investment and financial fraud in sport happening in the first place.
Up to 100 footballers, including Robbie Keane, Jimmy Bullard and Gabby Agbonlahor, were victims of a toxic Ponzi scheme set up by ex-player Michael McIndoe. Investors lost a combined £30 million, while the few that were paid dividends were eventually made to hand back any money received. One innocent investor and former player was given just 14 days to repay £1.6 million.
Top footballers lost a staggering amount of money after investing in supposedly high-yield investments and tax avoidance schemes recommended by Kingsbridge Asset Management. Investors faced crippling tax bills after the schemes went bad. Individual losses ranged from hundreds of thousands to several millions of pounds.
We are proud to support the Investment Fraud All Party Parliamentary Group (APPG) fighting investment fraud in sport.
We have partnered with Phoenix Sport & Media Group to provide financial education workshops and anti-fraud presentations to professional sportsmen and women across the UK.
With innovation, resources and expertise, KP Law fights for justice for each and every client.