Michael McIndoe scandal: Young Walsall player reveals how the champagne lifestyle lost its fizz

He was a hotshot midfielder who made his debut for Walsall at just 16 years old after coming through the club's academy alongside Watford's Troy Deeney.

At one stage he went on trial at Manchester United. But within a few years he lost his career and thousands of pounds after being caught up in the multi-million pound failed investment scheme linked with former Wolves star Michael McIndoe.

Dozens of professional footballers – including at least five from Wolves – are understood to have lost millions of pounds in the scheme that promised a 20 per cent return on investments after a month.

But Stourbridge-born David is the only one who will talk publicly about it.

Also read: Michael McIndoe: David McDermott lifts the lid on the controversial fund

"I got introduced to McIndoe by a friend," he said. "The first year he (McIndoe) took me to Marbella I had no idea what was going on as there was no trust there at that point. We were there for two weeks and he was spending huge amounts of money. We were staying in a £25m villa, he had his Bentley there, and he would probably spend in the region of £5,000 to £10,000 a day.

"At the time I was at York City and only about 21 or 22. He didn't really share a lot with me then he took us again the following year and I drove out to Marbella with him.

"This time we had an even bigger villa this time and he started to share a bit more with us. He didn't tell us what he was doing with the money just that he was making lots and could give 20 per cent return a month. It had to be cash."

David said he was told that a large number of players had already received profits from their investment. From that moment interest in the scheme snowballed. Also on the holiday were a number of professional footballers, some now in prominent positions with some of the country's biggest clubs.

"Out in Marbella he was spending mega money," David said. "We were there for a month and spent tens of thousands of pounds on one round alone. He reckoned he spent in the region of £300,000 on that holiday."

For someone with such a taste for a champagne lifestyle, McIndoe, now 37, is teetotal. "We went out to the club one night and for banter bought him 20 cans of Red Bull because he didn't drink," laughed David. "He didn't touch a drop."

David, his family members and friends put £140,000 into the scheme only to be told a few months later the fund had ended.

They never got their money back.

McIndoe was declared bankrupt in October 2014 and told a court hearing that he was a 'professional gambler' and that he did not know how much he had lost by gambling.

His William Hill gambling records seen by the Express & Star show almost £400,000 staked on matches, including Wolves and Albion games.

And other court documents showed he owed 17 men, mostly footballers, in the region of £3.5 million.

Scotland Yard's Falcon fraud squad has launched an investigation into the scheme.

There is no suggestion that those who put money into the scheme were anything other than genuine investors.

"It was probably a godsend that we did lose the money the way we did as if it had continued we may have ended up in trouble anyway," said David who is now playing for Hednesford Town. He added: "We probably have turned into nicer humbler people as a result. We are also lucky that it happened while we were young rather than being at a point where we had our own families. It could have been a lot harder than that."

Now aged 28, and getting his life back on track, David has new aspirations.

"I would love to go into football management. I'm now back playing part-time football, and the dream would be to go into professional management."