Brian Deane on Breakfast

[programmechap]

Why exactly? Some of them went bankrupt as a result of this.

To me there is very little difference to an old lady getting scammed out of her life savings and a ex pro footballer getting scammed by a “financial advisor”.

A lot of it was an obvious tax dodge. Pretending to invest in films when you actually didn't in order to avoid paying the tax you should pay. The dodge didn't work leaving them with massive tax bills.

Whilst I'm sure the advisors told them it was all legal and above board and they were conned by them, the ultimate cause was wealthy people not wanting to pay tax.

Hence the limited sympathy some might have for them.

 

[programmechap]

As always, if it seems too good to be true, avoid it! Unfortunately greed takes over with some and they lose a lot of money as a result. Many sharks in the financial industry willing to take a punt with your money. Even in the early 90s, footballers earned a decent living and were hardly desperate to make money, unless they had a gambling habit or something else that is draining their resources. Just use ISA, savings accounts and get a decent IFA, one who is reputable. It isnt hard to find one.

I worked in the financial industry for 15 years until 2021 and have heard many stories where people were taken in by what anyone with half a brain could tell was a scam. One old fella we worked with was trying to transfer his 700k FS pension into a DC pension so he could access TFC that he was then gong to invest into a 'film company'. He said he was going to double the amount within 12 months. Red flags all over and our IFA refused to recommend a transfer and rejected the insistent client approach. Client went to ombudsman to complain and our decision was upheld. A year or two later we heard that this 'film company' had gone tits up. Some people need saving from themselves.

I work for HMRC dealing with tax evasion. I can confirm that there are loads of people so blinded by greed that they can't see obvious scams.

 

[Davalon]

I work in financial advice and many years ago dealt with certain policies held by football people, some very famous. I wasn't an adviser at the time, just looked after the products.

Some of these players earned nothing in comparison to those of today. It may be 30 years ago but some decent top flight players were on 50 to 100k a year.

These have clearly tried to be sensible by investing it for the future.

Part of my current role is unravelling unsuitable advice and it can happen honestly without anything sinister.

However, reading that article, specifically about the conflict of interest over the apartments, those two are certainly not squeaky clean.

Bizarre that someone wouldnt have sympathy IMHO.

 

[Rochdaleblade]

If you are a pro footballer, you have a fuck load of spare time to prepare for this eventuality.

Robbie Fowler famously bought shitloads of houses. He is worth around 40 million now.

 

[Klaatu Barada Nikto]

Robbie Fowler famously bought shitloads of houses. He is worth around 40 million now.

We all live in a Robbie Fowler House, a Robbie Fowler house, a Robbie Fowler house

 

[Edgar Allan Poo]

Could always put their money in a bank or building society or just hide it under the floorboards like I do.

 

[XH536]

I work for HMRC dealing with tax evasion. I can confirm that there are loads of people so blinded by greed that they can't see obvious scams.

Thanks for the introduction.

 

[HighfieldBlade]

I work for HMRC dealing with tax evasion.

 

[Tom Bott]

I’m not sure why this story didn’t break years ago.

Post office scandal started in 1999, most were only aware after the documentary was made.

Worse still the infected blood scandal started in the 1970's.

When HMRC eventually chased the tax owed from the film schemes, many of the investments had diminished, leaving players unable to cover the tax bills.

Presumably these 'schemes' were making profits initially, otherwise HMRC would not be chasing them for taxes due.

 

[YES Blade]

A lot of it was an obvious tax dodge. Pretending to invest in films when you actually didn't in order to avoid paying the tax you should pay. The dodge didn't work leaving them with massive tax bills.

Whilst I'm sure the advisors told them it was all legal and above board and they were conned by them, the ultimate cause was wealthy people not wanting to pay tax.

Hence the limited sympathy some might have for them.

Yes, they were relatively wealthy but they’re still professional footballers with a short career, at the age of 35 their income could drop to zero.

So whilst the strategy of investing and avoiding tax wasn’t a good idea, it was a case of players trying to secure their futures. They weren’t the rich trying to get even richer.

If you’ve got a limited shelf life, your views on finances will be different to someone with a career that lasts into their 60s.

 

[Blade56]

Wow, agree that if they had doubled or tripled their money they would have been laughing rather than crying but this is an unmissable fly on the wall watch. At one point there’s an unbelievable revelation about a very famous name in these parts as one of the bad guys.

 

[Shawy24]

I work for HMRC dealing with tax evasion. I can confirm that there are loads of people so blinded by greed that they can't see obvious scams.

That’s very charitable of you. From my experience there are more people who just turn a blind eye to the obvious and take the risk.

 

[skegblade]

I actually 5hought when they finish why cant 5hey get a job outside punditary,and management,sorry this wedneday players but alan 2arboys drove and worked as a scaffolder
My mrs school business manager ,a very bloated mel sterland came in flogging office telephones
No of a few others ,1 went into teaching at her school cant remember his name though
Seems that some rest on their laurels

 

[Rodders]

I actually 5hought when they finish why cant 5hey get a job outside punditary,and management,sorry this wedneday players but alan 2arboys drove and worked as a scaffolder
My mrs school business manager ,a very bloated mel sterland came in flogging office telephones
No of a few others ,1 went into teaching at her school cant remember his name though
Seems that some rest on their laurels

they should have gone into education like you did

 

[Gin&Juice]

Finally coming out. Common knowledge round here but loads of footballers in Cheshire have been stung by a property scam, think this is linked. Even Sir Alex had to sell one of his properties. Proper shady shit. Feel sorry for some footballers who are just taken advantage of and have no one to trust as everyone just uses them for money, no genuine or sure of genuine friendship.

 

[Blade56]

I actually 5hought when they finish why cant 5hey get a job outside punditary,and management,sorry this wedneday players but alan 2arboys drove and worked as a scaffolder
My mrs school business manager ,a very bloated mel sterland came in flogging office telephones
No of a few others ,1 went into teaching at her school cant remember his name though
Seems that some rest on their laurels

Keith Edward’s was a lorry driver I think

 

[Shawy24]

Reminds me of this guy. Blades fan Stewart Groves. Conned Gary Cahill out of £1m and got sentenced to 8yrs. Saw him at a United game back end of last season.

Financial advisor who conned Chelsea star out of £1m is jailed

The Chelsea defender even called Stewart Groves a friend and invited him to his wedding in 2013, before the Doncaster native swindled him.

www.dailymail.co.uk

Knew of Stuart and his acquaintances and the rumours at the time were that he’d bitten off more than he could chew with Cahill and one other. It seemed that the South Yorkshire crew didn’t fancy taking on the Liverpool crew and so Imprisonment was possibly the better option.

 

[Berkshire Blade]

I actually 5hought when they finish why cant 5hey get a job outside punditary,and management,sorry this wedneday players but alan 2arboys drove and worked as a scaffolder
My mrs school business manager ,a very bloated mel sterland came in flogging office telephones
No of a few others ,1 went into teaching at her school cant remember his name though
Seems that some rest on their laurels

Some Do. They also have a big nest egg to invest. Plenty of ex pros on radio Sheffield for example have day jobs. Keith Edwards is a trucker, Kevin gage has that hotel/bar if I recall and Carl Asaba has something to do with high end cars.

 

[KMC-1889]

Just seen Deano on Breakfast TV talking about the huge amounts of money they have lost on investments. They just wanted to play football and invest in their future. Some are facing bankruptcy and losing their homes. Danny Murphy mentioned he lost 4 to 5 million in these investments. I am a retired IFA, and we used to say to clients, "If it looks too good to be true, it usually is". Very sad. I just wonder what the FCA has been doing about all this.

Unfortunately footballers too a man seem to confuse money with intelligence. They’re also really bad for having a hive mind. In one of them jumps into it loads more follow.

I bet a lot of them lost loads on cryptocurrency and NFTs

 

[Sean Thornton]

Post office scandal started in 1999, most were only aware after the documentary was made.

Worse still the infected blood scandal started in the 1970's.



Presumably these 'schemes' were making profits initially, otherwise HMRC would not be chasing them for taxes due.

It’s generally that these schemes are set up and sold and then investigated with HMRC saying who the what now!

 

[programmechap]

That’s very charitable of you. From my experience there are more people who just turn a blind eye to the obvious and take the risk.

Yes, but I think the blind eye is often caused by the greed. I've seen some schemes that a child could see wouldn't work and anyone who takes them up is just going to end up with a bigger tax bill.

 

[Sean Thornton]

Yes, but I think the blind eye is often caused by the greed. I've seen some schemes that a child could see wouldn't work and anyone who takes them up is just going to end up with a bigger tax bill.

Not counting what they paid for the scheme as well.

As The Crab would say, “and no refunds”.

 

[programmechap]

Yes, they were relatively wealthy but they’re still professional footballers with a short career, at the age of 35 their income could drop to zero.

So whilst the strategy of investing and avoiding tax wasn’t a good idea, it was a case of players trying to secure their futures. They weren’t the rich trying to get even richer.

If you’ve got a limited shelf life, your views on finances will be different to someone with a career that lasts into their 60s.

True , but if you're someone like Deano who is an icon at a club, you're unlikely to find it hard to get a job at 35. It's not like being reserve left back at Accrington Stanley.

And you can invest your money in legitimate investments that provide a decent return.

 

[programmechap]

Not counting what they paid for the scheme as well.

As The Crab would say, “and no refunds”.

Yep. Since I've been in this job I've marvelled at how stupid people can be when a large sum of money is dangled in front of them.

I suppose that's why people fall for things like the Nigerian Prince scams and such like.

 

[Badger Blade]

The real thing to address is to what extent are players being educated on this sort of thing, from a player welfare perspective? All a bit rich in some cases considering some of the shady regimes that own and run many football clubs but nevertheless, something must need to change because I bet the old pros of years gone by were just left to their own devices, hence why some of them are struggling now.

There will be some with no qualifications or skills other than playing football and if a gig in the game isn't forthcoming, there's not a huge number of options available so invest their money to try and sustain the life they're used to having, get stung, don't have a huge month to month wage coming in and its something of a fall from grace for many.

There must be a level of naivety for a lot of players who have lived in something of a bubble away from the realities of life where agents and the clubs sort out every aspect of life for them. Send some of them round the supermarket and they wouldn't have a clue, never mind ringing the bank to sort a mortgage out or buying and insuring a car.

Academy players might get some sort of advice on how to live their lives, especially as many of them won't make it and will have to go and do some kind of paid work, something many of them might not have ever done before but a lot must rest on having a family who can steer them on the right path.

I know in rugby league its a very big thing where the players earn decent wages compared to most people but certainly not enough to retire on and do all sorts of different training schemes, apprenticeships, degrees and all sorts in order to keep themselves, knowing that when they get past 30 and are near the end, they can't all be coaches or talk bollocks on Sky.

What sort of guidance are guys in League One/Two getting, who are probably on similar money?

 

[Nick Jansky]

I work for HMRC dealing with tax evasion. I can confirm that there are loads of people so blinded by greed that they can't see obvious scams.

Do we know each other? I work directly against you. For years HMRC have gone after the wrong targets with regard to avoidance schemes. Even though they have had the power to pursue the scheme promoters they have gone for the easy targets, including a lot of nurses and similar. HMRC’s actions have been scandalous and are not defensible. You will no doubt be aware of the number of suicides attributed to the Loan Charge. The Enabler provisions might improve matters, but will HMRC use them effectively? Not if past behaviour is anything to go by.

 

[Sean Thornton]

Yep. Since I've been in this job I've marvelled at how stupid people can be when a large sum of money is dangled in front of them.

I suppose that's why people fall for things like the Nigerian Prince scams and such like.

Err, Dozy wasn’t a prince

 

[Sportbilly /Detroit Blade]

I know I’m vastly underestimating the issue here, but in my simplistic way of viewing things:

If you’re a mid 30s ex prem footballer with 10M in the bank and someone approaches you with a scheme to turn that 10M into 20M and your answer isn’t ‘fuck off I’ve got enough money’

Then you’re a greedy bastard.

I get the sentiment, but isn't it all relative?

A guy who works a machine in our factory would look at me and think how "rich" I am, and maybe a homeless guy would look at the man working on the machine as "rich".

I'm not saying I disagree with your post per se, but what's the amount of money that's "enough"?

 

[Sportbilly /Detroit Blade]

Could always put their money in a bank or building society or just hide it under the floorboards like I do.

Hope it's not stuffed under the mattress, I'd be scared you'd burn your ass on the light!

I used to do the same with my mattress stuffing, unfortunately it was not money under my mattress, it was well "used" copies of Shaven Ravers and Knave magazine!

 

[Nick Jansky]

Finally coming out. Common knowledge round here but loads of footballers in Cheshire have been stung by a property scam, think this is linked. Even Sir Alex had to sell one of his properties. Proper shady shit. Feel sorry for some footballers who are just taken advantage of and have no one to trust as everyone just uses them for money, no genuine or sure of genuine friendship.

I am currently acting for one of the highest profile victims of this in Cheshire. You will all know him. He has participated in a number of schemes. They have all failed. He had no idea he had participated in any of them until the shit hit the fan with HMRC. His agent, also very well known, controlled his finances and received very nice commissions for putting our client into the schemes. It’s not always the greed of the player.