McIndoe Linked To Investment Scheme Failure

Last updated : 15 January 2012 By Covsupport News Service

Former Coventry City winger Michael McIndoe is being investigated after a scheme which promised footballers who invested a return of 20% a month collapsed owing millions of pounds.

After his football career ended, McIndoe who is reported as being in hiding, was a director of a number of businesses, including one business aimed at footballers which promised exclusive access to nightclubs and private jets.

McIndoe is known to have approached a number of footballers including some at Coventry City and a former City player has already admitted they are glad they did not get involved in the 'guaranteed return investment scheme' 

According to a Source who spoke to the Mail On Sunday: "The scheme was sold to people as a guaranteed-return investment scheme. I personally know 20 players who have put money in. You got 20 per cent back each month and could withdraw your initial investment at any time.

"So if you invested £100,000, you got £20,000 back a month and you could get your £100,000 out.

"Players did not ask questions as most knew another who had invested and was getting regular returns.

"The investors received regular monthly payments up until November but since then they have not been paid. Now, players are falling out with each other. They’re blaming each other for giving them bad advice."

The paper also reports that McIndoe has offered to pay back those affected.

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