Michael McIndoe: Prosecutors examine failed investments linked to ex-Wolves star
Prosecutors are looking at police files into a failed investment scheme linked to ex-Wolves star Michael McIndoe.
Sources close to the investigation say a top Crown Prosecution Service lawyer is examining the case following an inquiry by Scotland Yard.
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.
A source said: “The police seem serious and have had a series of meetings with the CPS.
“A top CPS lawyer is now looking at the case and it is top of the pile of his workload.
“We are at a key point and there are a lot of people hoping to hear some developments soon,” the source added.
McIndoe was declared bankrupt in 2014 and in documents at bankruptcy hearings it was revealed he owed 17 men nearly £3.5 million.
Five Wolverhampton Wanderers 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 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, who made 27 league appearances for Wolves, 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.
