A group of former Premier League footballers claims they lost millions to the actions of financial advisors. Former Liverpool FC and England star Danny Murphy believes he lost £5 million on alleged “financial abuse.” Up to 200 soccer stars may have been affected, with some losing their homes and facing bankruptcy.
Now they are pursued by millions of taxes. The 11 retired footballers, including Murphy, Brian Dean, Michael Thomas and Rod Wallace, are part of the V11 campaign group. They invested in Kingsbridge Asset Management in the 1990s and 2000s.
The group is fighting to change the law to protect victims of crime from taxes. Danny of Match of the Day Pandit said of the campaign:
London Police began an investigation in 2018 and arrested two men from the East Midlands.
However, the investigation was closed with forces that said there was “inadequate evidence to support a realistic outlook for a conviction.”
“The decision was made at the commander level and was also approved by a strategic investigation review by senior officials of external forces,” the London Police Department said.
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No fees have been charged to Kingsbridge Asset Management staff so far. David McKee and Kevin McMenamin, who ran the company, said they “deny fraud.”
They told the BBC:
The duo said: “At the time, Kingsbridge advised in good faith and set risks and opportunities both at the time after the investment was agreed.”
They added: “We have over 2,000 clients at Kingsbridge, many of whom received very similar advice. The majority of these clients are happy with how Kingsbridge handled the issue.”
The HMRC responded that it states it is legally liable to collect taxes when the deadline arrives. The ongoing legal battle involving players is featured in a new documentary titled V11 Story of the Story of the BBC Iplayer on BBC iPlayer.
