By Alex Glenn • 16 March 2022 • 13:14
Wayne Rooney and other stars lose millions in investments. The stars have lost £25 million worth of investments after a property fraud case was dropped.
Rio Ferdinand and Wayne Rooney had invested in the Nottinghamshire-based firm Kingsbridge Asset Management. The firm ceased trading in 2010. Investments offered by the firm had included property based in Spain’s Marbella.
The police have now closed the case into the firm after it was discovered that insufficient evidence was available to prove the fraud.
According to the Mirror, football stars including Wayne Rooney will not get their money back from these investments.
Speaking to the Mirror City of London Police director of fraud investigation standards Gavin Tyrrell commented: “We conducted a two-year investigation into allegations of fraud against a number of employees of Kingsbridge Asset Management.
“There was insufficient evidence to meet the requirements for a successful criminal prosecution. This view was supported by the Crown Prosecution Service.”
When the investigation began Det Supt Perry Stokes commented on the alleged fraud. He said: “We launched a review into allegations of fraud involving Kingsbridge and associated companies.”
He went on to add: “Clients were told investments were low risk but turned out to be very, very high risk and exposed the clients to significant risk of harm.”
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Originally from the UK, Alex is based in Almeria and is a web reporter for The Euro Weekly News covering international and Spanish national news.
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