1. Unscrupulous financial advisors routinely target victims of sports investment fraud
Unscrupulous financial advisors routinely target professional sportsmen and women because of their high-net-worth. Often, these advisors groom professional athletes for many years. So, sportsmen and women can become victims of the people they trust the most.
2. Financial losses can run to hundreds of thousands of pounds, if not more
Many sportsmen and women have lost fortunes due to financial scams or negligent advice. Victims are facing losses ranging from a few thousand to millions of pounds.
For example, Rio Ferdinand, Andy Cole, Craig Short, Martin Keown and Danny Murphy are thought to have been involved in a scam in which victims suffered losses ranging from £100,000 to several million pounds. In total, losses totalling more than £25 million have been identified.
In another case, up to 100 footballers including Robbie Keane, Jimmy Bullard and Gabby Agbonlahor are among the purported victims of a £30 million Ponzi scheme scam with individual losses ranging from a few thousand pounds to more than a million.
3. The emotional impact of sports fraud can be devastating
There is another cost to sports investment fraud and mis-selling that is not as widely talked about – and that’s the emotional distress and upset caused.
Young athletes – especially footballers – can become millionaires virtually overnight, with many having little or no understanding of financial management. As a result, they turn to agents, advisers, friends, and family to invest their earnings to ensure a stable financial future. But all too often, unscrupulous advisers steer players towards unsuitable investments and get-rich-quick schemes – usually because they get a hefty commission for doing so. Once this is discovered, athletes may experience feelings of betrayal and struggle to trust in the future. This can have a devasting effect on the mental health of those involved.
That’s why, as well as helping victims claim compensation for financial losses, it is also important that those impacted by financial sports fraud get help to deal with the lasting effects of psychological suffering and anguish.
4. Help is available
KP Law is working with a range of partners, affiliates, and other organisations to fight financial sports fraud. This includes:
- The Investment Fraud APPG. KP Law is proud to support the Investment Fraud All-Party Parliamentary Group (APPG) fighting investment fraud in sport.
- Phoenix Sport & Media Group. KP Law has also partnered with Phoenix Sport & Media Group to provide financial education workshops and anti-fraud presentations to professional sportsmen and women across the UK.
Our legal team also supports a significant number of sportspeople affected by this scandal, and we work with our clients’ accountants, new financial advisers, and agents to identify and combat fraud or mis-sold investments, and to recover money.
We are also raising awareness of this issue to help prevent sports scams from happening in the first place.
5. You can make a no-win, no-fee Sports Investment Fraud & Mis-Selling claim
If you appoint KP Law to make a Sports Investment Fraud or Mis-Selling claim, you will only have to pay anything if you win. You will not have to pay anything upfront. Any payment would only come out of the money we recover on your behalf. We will conduct the claim for you under a no-win, no-fee agreement. If you win, our fees will be deducted from your damages.
Advisors to politicians, sportspeople, sports agents, and clubs on sports fraud, we know what it takes to make a winning case.
Contact us with your details and our team will be in touch.
