Football fans have lost nearly £58m after a major betting firm collapsed into administration.
Customers at Football Index, which markets itself as an online stock market for footballers, claimed to have suffered losses of up to £116,000 as a result of the financial chaos at the firm.
Red card: The Gambling Commission suspended Football Index’s licence pending an investigation
Yesterday the Gambling Commission suspended its licence pending an investigation, amidst accusations Football Index operated like a ‘pyramid scheme’ – a claim it has strongly denied.
The business’ website has been suspended, trapping users’ deposits. Punters have piled thousands of pounds each into the platform on the promise of ‘guaranteed yields’ and returns that beat traditional investments.
At one event founder Adam Cole, 70, joked: ‘All you’ve got to do is max out your credit card, effectively, that’s your leverage. As long as you can beat the APR on your credit card.’
The firm was admonished by the Advertising Standards Authority in 2019 for ‘creating the impression the product was a lucrative investment opportunity’.
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