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Michael McIndoe breaks his silence over alleged fraud

Member: Nifa

Ex-professional footballer, Michael McIndoe, has broken his silence over claims he conned millions of pounds from fellow players, saying he has never run any kind of investment or Ponzi scheme. The former Wolves, Coventry City and Bristol City player was first accused back in 2012 when Scotland Yard investigated him for what was then being called the biggest fraud perpetrated on players in English football. According to newspaper reports at the time, there were more than 300 victims ranging from English league players to mere journeymen.

According to reports, McIndoe told people he had a miracle investment scheme that paid 20 per cent interest per month on investments he was making in gold, stocks and London property. However, speaking publicly for the first time since then, the footballer denied ever running any kind of illegal scheme, although he did admit he had taken money from friends in football and other associates. These were all above board, he insists, as they were all personal loans and 80 per cent were done through lawyers.

As with any other financial investigation, the prosecution – and defence – cases will hinge on what can be proven and it is forensic accountants who set about amassing that evidence. Although there has been little in the press since 2015, as recently as September this year, prosecutors were said to be looking at police files into the failed ‘investment scheme’. Meanwhile, files are still sitting with the Crown Prosecution Service as it decides whether or not to charge him.

Following the alleged fraud in 2012, McIndoe went bankrupt in 2015, claiming that he had no money or bank accounts. This was despite a lavish lifestyle with multiple properties, expensive cars and a nightclub in London’s West End. This was again the subject of a complex forensic investigation.

Author: Roger Isaacs, 17 October 2017

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