Football ‘scandal’
Discussion
Yes all very underhand from what I've read. That they 'invested' their money into non existent/worthless stuff owned by people connected to the two owners of the investment firm, at very over valued prices. Given footballers back then were wealthy, but no where near the super wealthy levels they are now where a relegated teams 3rd choice centre back probably earned as much as the top 5% players back then, that all the tax payments coming in are making them all bankrupt because the investments were just cons.
Gargamel said:
Why the hate?
Any investors that get taken advantage of are surely entitled to some sympathy ?
What is it about this particular group that makes you feel so bitter?
PISTONHEADS 2025 100%Any investors that get taken advantage of are surely entitled to some sympathy ?
What is it about this particular group that makes you feel so bitter?
What "hate".
Wheres the "bitterness"?
They bought into an investment scheme for possible tax avoidance to make a large profit, its gone tits up and now they have a big back tax bill to pay.
Fund the NHS!
DSMSMR said:
They bought into an investment scheme for possible tax avoidance to make a large profit, its gone tits up and now they have a big back tax bill to pay.
Fund the NHS!
There was one tax avoidance scheme, that was initially created by the govt, the film scheme. All the other schemes they sold weren't tax avoidance schemes, they were just crap schemes designed to screw young working class men out of the large sums of money they'd earned thru being good at football. Fund the NHS!
A financial advisor is meant to give the best advice for their client. One of them owned a house outright aged 20. He was advised to sell his house and invest that money in a pie in the sky Florida golf resort villa, that was sold to him for $600K+ despite being valued at $200K, the $400K extra being the advisors commission. His house was only worth $200K, the extra $400K he paid to buy the place came from the tax avoidance scheme he was advised to invest in that was then overturned by HMRC, and he now owes. The resort never got finished, and his Florida property is now worth nothing. And the owner of the Florida villa was the wife of the financial advisor. So the financial advisor ended up earning $600K on the deal.
I suppose he wasn't forced to take the advice. He could have said "I'm a 20 y/o badly educated working class man, I'm not going to take advice for 2 middle class guys in their 30s/40s who do this for a living, and who are endorsed by my club manager in their brochure".
Edited by TwigtheWonderkid on Wednesday 3rd September 15:51
These footballers were taken advantage of by these investors who came into training sessions to get them to sign up, most of them would not have sought any of these deals if left alone they were financially abused, they even forged their names on documents i don't see how this is not enough evidence to prosecute them. The police have let them down.
Franco5 said:
Unbelievable that there’s a bunch of wealthy or ex-wealthy sports stars currently on BBC2 crying over the fact they got ripped off by an investment firm promising them a tax avoidance scheme.
Boohoo boys.
Can't decide how much sympathy to have. Boohoo boys.
On the one hand I bet it was and still probably is rife with corrupt and downright criminal behaviour from the leeches of society. 100's of multimillionaire kids with below average IQ wondering what to do with all that cash. Like taking candy from the proverbial.
On the other hand I wouldn't have thought it possible to be that stupid. I'm not financially savvy at all but spread you savings amongst relatively safe investments and maybe just a small percentage in high risk stuff.
Murphy lost £5m
so a modest 5%pa is £250k a year! Why bother risking it all on Spanish flats? Edited by ChocolateFrog on Wednesday 3rd September 16:10
DSMSMR said:
Gargamel said:
Why the hate?
Any investors that get taken advantage of are surely entitled to some sympathy ?
What is it about this particular group that makes you feel so bitter?
PISTONHEADS 2025 100%Any investors that get taken advantage of are surely entitled to some sympathy ?
What is it about this particular group that makes you feel so bitter?
What "hate".
Wheres the "bitterness"?
They bought into an investment scheme for possible tax avoidance to make a large profit, its gone tits up and now they have a big back tax bill to pay.
Fund the NHS!
Tax avoidance is perfectly legitimate, anyone with an ISA is engaged in tax avoidance.
The hate part comes dripping in every line of the OP's post and the sign off of 'Boohoo.'
The first post could just as easily been..
Sad to see this story about former footballers facing bankruptcy after receiving poor financial advice. Easy to see how these schemes gain credibility and people don't think enough about the risks.
Can't be easy to be receiving million pound plus tax bills when you have no money left.
See the difference ?
Gargamel said:
DSMSMR said:
Gargamel said:
Why the hate?
Any investors that get taken advantage of are surely entitled to some sympathy ?
What is it about this particular group that makes you feel so bitter?
PISTONHEADS 2025 100%Any investors that get taken advantage of are surely entitled to some sympathy ?
What is it about this particular group that makes you feel so bitter?
What "hate".
Wheres the "bitterness"?
They bought into an investment scheme for possible tax avoidance to make a large profit, its gone tits up and now they have a big back tax bill to pay.
Fund the NHS!
Tax avoidance is perfectly legitimate, anyone with an ISA is engaged in tax avoidance.
The hate part comes dripping in every line of the OP's post and the sign off of 'Boohoo.'
The first post could just as easily been..
Sad to see this story about former footballers facing bankruptcy after receiving poor financial advice. Easy to see how these schemes gain credibility and people don't think enough about the risks.
Can't be easy to be receiving million pound plus tax bills when you have no money left.
See the difference ?
TwigtheWonderkid said:
DSMSMR said:
They bought into an investment scheme for possible tax avoidance to make a large profit, its gone tits up and now they have a big back tax bill to pay.
Fund the NHS!
There was one tax avoidance scheme, that was initially created by the govt, the film scheme. All the other schemes they sold weren't tax avoidance schemes, they were just crap schemes designed to screw young working class men out of the large sums of money they'd earned thru being good at football. Fund the NHS!
A financial advisor is meant to give the best advice for their client. One of them owned a house outright aged 20. He was advised to sell his house and invest that money in a pie in the sky Florida golf resort villa, that was sold to him for $600K+ despite being valued at $200K, the $400K extra being the advisors commission. His house was only worth $200K, the extra $400K he paid to buy the place came from the tax avoidance scheme he was advised to invest in that was then overturned by HMRC, and he now owes. The resort never got finished, and his Florida property is now worth nothing. And the owner of the Florida villa was the wife of the financial advisor. So the financial advisor ended up earning $600K on the deal.
I suppose he wasn't forced to take the advice. He could have said "I'm a 20 y/o badly educated working class man, I'm not going to take advice for 2 middle class guys in their 30s/40s who do this for a living, and who are endorsed by my club manager in their brochure".
Edited by TwigtheWonderkid on Wednesday 3rd September 15:51
HMRC really don't come across well at all in this do they, essentially bigger thugs than the people who conned them in the first place. How can you have someone on police record that they are a victim of fraud and that have no merit on HMRC chasing?
At the end of the day, people are losing their homes, lives destroyed and potential loss of life from a government organisation. Feels very very wrong.
At the end of the day, people are losing their homes, lives destroyed and potential loss of life from a government organisation. Feels very very wrong.
DSMSMR said:
No. Its what you wrote. Hate......Bitterness. When there wasnt any.
Not the way I read post #1 to be fairA lot of no sympathy because they were wealthy so in some way deserved it
It was a very bizarre opening post
You see this though, people outside the wealthy love to see the wealthy fail
DSMSMR said:
Weird. As an ex State licensed Florida Realtor of many years, I find this a bit incredulous. Property valuations are all over the place in Property Appraisers websites and have been for years. If the football player is that thick to not do some form of due diligence himself then..........OH hang on, footballer.....I'll stop there.
Definitely worth watching DM comments on Talksport. To be fair SJ chips in and challenges him on things and its a good overview. As a 21 year old footballer suddenly thrown into wealth, without the internet in the state it is today to easily check things, relying on word of mouth and supposedly trusted people around you telling you this is the right thing to do. Howard Wilkinson was a respected manager who was telling these young adults this is the way to go, and they trusted him (even though it turns out he was being bunged monthly by Kingsbridge and nobody knew)
It is so easy to say now retrospectively what they should have done, but at the time they felt they had done their due diligence through consulting with trusted people around them that were telling them its a safe investment for their future.
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