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Michael McIndoe: financial investigator appeals for information over cash investment fund involving ex-Wolves star

By Rob Golledge | Crime | Published:

A financial investigator has appealed for footballers who lost money in a failed investment scheme linked to ex-Wolves star Michael McIndoe to come forward.

Kevin Mawer, a forensic insolvency expert, is hoping to identify the ex-winger's assets after he was declared bankrupt following the collapse of the cash fund.

Mr Mawer said he was trying to track down Mr McIndoe but said he needed more information from those who invested in the scheme.

McIndoe, aged 37, was quizzed under caution by fraud squad detectives from the Metropolitan Police earlier this year.

He headed up a scheme which offered investors 20 per cent interest a month on their initial investments.

It is believed up to 100 people could have been affected. losing millions.

Mr Mawer, who is representing McIndoe's creditors, said: "I would like anyone with knowledge or experience of the scheme to get in touch.

"The big problem I face is that a lot of those who were investors have not come forward.

"Most of them could afford to lose large sums of money so have not become destitute but that is not the case for all of them.

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"There is a climate of fear about coming forward because some are scared of the embarrassment or whether it would attract interest of Her Majesty's Revenue and Customs.

"I believe a lot of the deals were done in cash so there is no hard record – that is why it is important we hear from those affected.

"I'm especially interested to hear from anyone with details of bank accounts that were used, any dealings they had with him, or if anyone has any way of contacting him."

Mr McIndoe is believed to be living abroad and cannot be contacted.

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Mr Mawer said: "There are a lot of questions I would like to ask Mr McIndoe."

The Crown Prosecution Service is examining the case following an inquiry by Scotland Yard.

McIndoe was declared bankrupt in 2014 and in documents at bankruptcy hearings it was revealed he owed 17 men nearly £3.5 million.

Michael McIndoe

Five Wolves players are estimated to have lost £2.6m in the failed scheme with one group of players from the club handing over more than a million pounds in one payment in 2011.

Others to lose money include young footballers who were formerly at Walsall and Kidderminster Harriers.

Players have been assisted by the Professional Footballers Association who also asked members to come forward with evidence of the alleged fund.

The scheme was at its height during 2010 and initially investors got their money back and the profits. But by the end of 2011, money was in short supply and the payments stopped during the same season Wolves were relegated from the Premier League.

McIndoe denies any allegation of wrongdoing. He told a bankruptcy hearing that he had no money or bank accounts. No arrests have been made and no wrongdoing is implied.

It is believed Mr McIndoe, has told insolvency experts that ‘a friend’ is helping him with his legal fees after he was declared bankrupt in October 2014. He has denied any wrongdoing and told a bankruptcy court he was a ‘professional gambler’.

A Scotland Yard spokesman refused to give a ‘running commentary’ of the case.

Earlier this year, The Met confirmed: “A 37-year-old man was interviewed under caution in connection with the investigation on January 10.”

Inquiries are continuing.

Rob Golledge

By Rob Golledge
@golledge_star

Part of the Express & Star special projects team responsible for investigations and major stories from politics to counter terrorism

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