Reports led by the Sunday Times have said England and premiership stars Rio Ferdinand, Andy Cole, Danny Murphy, Martin Keown and Robbie Savage are among those affected, with potential bankruptcies looming in some cases.
The Sunday Times said David McKee and Kevin McMenamin’s firm Kingsbridge Asset Management made at least £5m in commission levels on the players’ investments.
The commissions were said to have been taken prior to the investments either collapsing or the players were charged high taxes after HM Revenue & Customs looked into the film schemes, and demanded that historical tax payments were due.
Former Arsenal and Everton player Kevin Campbell apparently invested in five film schemes and faced losses as high as £7m. He has alleged he and other players were the victims of “appalling mis-selling”, according to the newspaper.
The Sunday Times reported that the advisers have denied the allegations, saying all clients were advised on suitability and the risks of the investments, which should have formed part of a balanced portfolio.
Coutts is understood to have lent Kingsbridge clients £40m to take on the investments, which were deemed unsuitable for many of the players, especially those nearing the end of their careers.