Thursday, 24 February 2011

Wayne Rooney and Rio Ferdinand among the stars caught up in a wealth of legal wrangling

Wayne Rooney and Rio Ferdinand among the stars caught up in a wealth of legal wrangling "A who’s who of sports stars are now involved in a massive legal battle over property investments in London, Spain and the United States that will come to a head next week.

An ever-growing list of famous names are caught up in this escalating controversy over alleged conflict of interests in the wealth management advice given over funding multi-storey mixed-use complexes in Aldgate and Whitechapel as well as holiday apartments in Marbella and Charlotte Harbor in Florida."

They include from football Wayne Rooney, Rio Ferdinand, Danny Murphy, Robbie Savage, Andy Cole, Martin O’Neill, Craig Short, Jason Wilcox, Brian Deane, Brian Kidd, Marcus Gayle, Howard Wilkinson, Dave Bassett, John Rudge, John Barnwell and David O’Leary; cricketers Kevin Pietersen, Freddie Flintoff, Michael Vaughan and Marcus Trescothick; golfers Lee Westwood, Darren Clarke and David Howell and swimmer Mark Foster.
Almost all of them provided five and six-figure loans in 2007 to help build the two London developments, which are due to be repaid with interest on Whitechapel next Monday and Aldgate in July. But Guernsey-based trustees Legis have warned there might be insufficient funds to return the money on time and are due to explain the murky situation at a Manchester meeting next Wednesday to an angry set of investors also upset at the lack of communication.
Rooney put money into all four locations through his former management agency Formation, whose wealth advisers at the time, David McKee and Kevin McMenamin, are at the centre of the storm.

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