Sports

Wayne Rooney and other stars lose £25m investment as property fraud case dropped

To exclude, to expel:

Wayne Rooney and Rio Ferdinand are just two of the soccer stars who have lost £25m after investing in Kingsbridge Asset Management, with police closing a fraud case against the company.

Wayne Rooney is one of those soccer stars who won't get their money back after investing in Kingsbridge Asset Management
Wayne Rooney is one of those soccer stars who won’t get their money back after investing in Kingsbridge Asset Management

Wayne Rooney and Rio Ferdinand is one of the top soccer stars who lost £25m after invest in a company that is accused of fraud.

English and Manchester United legends will not get their cash back after the police close an investigation into the company.

The police said they did not have enough evidence to prosecute the financial advisor Kingsbridge Property Management.

In 2018, the Mirror reported how the company had attracted a £417 million investment from 589 sports stars.

The police investigation focuses on an allegation of £25m fraud involving property transactions.

Gavin Tyrrell, the City of London Police’s fraud investigation standards director, told the Mirror: “We have launched a two-year investigation into allegations of fraud against a number of Kingsbridge employees. Asset Management.







Rio Ferdinand also lost money after investing in the company
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Image:

PA)

“There is insufficient evidence to satisfy the requirements for successful criminal prosecution. This view is supported by the Crown Prosecution Service.”

Derby coaches Rooney, 36, and Ferdinand, 43, are among 31 footballers who have purchased vacation homes in Florida through Kingsbridge.

Experts Danny Murphy and Martin Keown also invested in failed real estate projects.

Police say victims have lost hundreds of thousands to several million pounds, although it is understood some have recouped some of their losses through legal action.







Rooney is said to have purchased a property at Harbor Pointe in Port Charlotte, Florida
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meidamates)

Former Scotland captain Colin Hendry announced he was bankrupt after taking advice from Kingsbridge and investing the cash. The London police investigation focused on Charlotte Harbour, a holiday home development where stars buy apartments, with an average price of £300,000.

Rooney bought his luxury apartment for around £320,000. Many properties were subsequently sold at large losses. The average resale price is £75,000. The apartments are said to have generated more than £800,000 in commissions for Kingsbridge.

The Nottingham-based company also offered other investments including property in Marbella, before it ceased trading in 2010. Police have been investigating Kingsbridge’s activities for alleged fraud.” high net worth customers” between 1992 and 2010.

Det Supt Perry Stokes said at the start of the investigation that the loss was more than £25m. He added: “We have conducted a review of allegations of fraud involving Kingsbridge and related companies.” At the time, he said they were believed to have “jointly conspired to abuse their positions of trust for fraud”.

“Customers are told that investments are low risk but turn out to be very, very high risk and expose the client to significant risk of loss,” he added.

City of London Police also confirmed no other action had been taken against the three Kingsbridge-linked suspects, following their arrest by fraud squad detectives in 2018.

A 61-year-old man was detained on suspicion of conspiracy to commit fraud in Blackburn and two men, aged 60 and 38, were arrested in Nottinghamshire.

A spokesman for Kingsbridge Asset Management said at the time that it “never sought to make a financial gain at the expense of its clients and their relationship of interests was always clear”.

Representatives for Rooney and Ferdinand have been approached for comment.

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https://www.mirror.co.uk/sport/football/news/wayne-rooney-stars-lose-25million-26466918 Wayne Rooney and other stars lose £25m investment as property fraud case dropped

Fry Electronics Team

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