Bankrupt footballer linked to failed Ponzi scheme

Michael McIndoe in action for Scotland's B team in 2006. Picture: SNS
Michael McIndoe in action for Scotland's B team in 2006. Picture: SNS
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A BANKRUPT former 
footballer linked to a failed Ponzi scheme that attracted millions of pounds of investment has told a court he had no idea how much money he had lost gambling.

Michael McIndoe, who was brought up in Sighthill and still lives in Edinburgh, said he had been a “professional gambler” who had used casinos and bookmakers.

Scotland ‘B’ cap McIndoe – a midfielder who played for clubs including Luton Town, Hereford, Yeovil Town, Doncaster Rovers, Derby County, Barnsley, Wolves, Bristol City, Coventry City and MK Dons – was giving evidence at a bankruptcy hearing in London.

The Evening News told last year how the troubled star had sold his mother’s home in 
Silverknowes Eastway just weeks after going bankrupt. The move came amid claims he ran a scheme which promised a 20 per cent return and saw many high-profile investors – including footballers Robbie Keane and Jimmy Bullard – lose huge sums when it collapsed.

Reports suggest around 100 footballers from the heights of the English Premier League down to the lower divisions invested in the scheme.

But little detail about what led to McIndoe, 35, being made bankrupt was revealed at the hearing yesterday.

He told the Royal Courts of Justice that he “could not 
honestly tell you” how much he had lost during his last year as a gambler.

Lawyers employed to protect creditors’ interests and help gather money owed questioned McIndoe. They indicated that he had been loaned money to invest in companies.

One loan had been for 
£2.5 million – £1m of which had been handed over in cash, the court heard.

The judge, Registrar Nicholas Briggs, said more inquiries were needed and indicated that another hearing would take place later in the year.

He said he was satisfied that McIndoe was co-operating with inquiries.

McIndoe told the court that there was a “media frenzy” 
surrounding his case.

Outside court he told reporters who attended the hearing that he did not wish to speak.

McIndoe, who was capped twice for Scotland’s second string, sold a three-bedroom property he leased to his mother last year for £158,000 swiftly after he was declared bankrupt – pocketing a £13,000 profit.