A former Premiership footballer turned financial consultant has been declared bankrupt after reported debts of £8 million.
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div>A former Premiership footballer turned financial consultant has been declared bankrupt after reported debts of £8 million.
Former Charlton Athletic defender Richard Rufus was officially declared bankrupt at Croydon County Court on 22 October 2013, under his full name Richard Raymond Rufus.
Following a series of injury problems, Rufus retired in 2004, and began to engage in finance, punditry, charity and religious works.
Rufus incorporated Monopoly Trading and Investments Ltd on 27 January 2005 and became a director in the firm. The firm, which dissolved in September 2013, undertook, “activities auxiliary to financial services, except insurance and pension funding.”
This class includes activities, such as activities of mortgage advisers and brokers, financial transaction processing and settlement activities, credit card transactions, and investment advisory services.
Rufus, 38, had previously entered into an Individual Voluntary Arrangement in November 2011 after a Bankruptcy petition was served by the FSA in May 2011. It is reported that his assets, consisting of a property portfolio and two cars, were frozen in early 2011 by the FSA.
Rufus stated within his IVA proposal: “I started trading on the markets with my personal funds in about 2003. From about 2007, I was approached by a number of family members and friends who asked me to invest funds for them. I sought advice from the FSA, accountants and my then investment brokers to confirm whether I was able to do so under the regulatory regime and was advised that I could do as long as I did not make a profit and I did not solicit business [NB: This is not proved/accepted by the FSA so far].
“Since then, I have accepted money from various family members and friends with entities which I have invested on the financial markets on their behalf. Two of the entities I have accepted money from are charities; being KICC and Rhema Church.”
Rufus was employed as a Director (Investor) at Kingsway International Christian Church (KICC) from 31st March 2009 until 17 May 2011. It is reported that Rufus owes KICC, who had given him money to invest in stocks and property, around £5 million. It is also alleged that the total amount owed to individual investor creditors is around £3 million.
In his recent bankruptcy report Rufus is listed as a financial consultant and according to his IVA Estimated Statement of Affairs, as at 17 October 2011, he also had a property portfolio of six properties:
- The Dove, 19 The South Border, Purley, Surrey estimated to be £1.9 million. With a Bank of Scotland mortgage in the sum of £2,079,210;
- 19 Scawen Close, Carshalton, Surrey valued at £254,000. Mortgage held by Cheltenham & Gloucester in the sum of £257,079;
- 57A Woolstone Road, Forest Hill, London valued at £240,000, with a mortgage held by Bank of Ireland in the sum of £257,999;
- 57B Woolstone Road valued at £110,000, with the mortgage with Bank of Ireland standing at £112,935;
- 57C Woolstone Road valued at £195,000 and the Bank of Ireland mortgage standing at £199,787;
- 142 Salehurst Road, Brockley valued at £249,995. The £241,000 mortgage is held by the Mortgage Business.
According to the statement, five of the six properties are worth less than their respective mortgages.
Rufus was also employed as a Director (Investor) at Hoyland Homes Limited from 25 July 2005, but resigned on 23 April 2010. Between 19 March 2007 and 24 August 2008, he was also employed as a Director and Property Developer at the Penu Foundation. In the Financial Services Register, Richard Raymond Rufus (RRR01023) is listed as an employee of SI Capital Ltd from 11 June 2009 to 25 February 2011.
The former defender made 288 appearances for Charlton Athletic during an 11-year career with the club, as well as representing the England U21 team six times. He was inducted into the Charlton Athletic Hall of Fame in May this year.
Baker Tilly is expected to be appointed to the bankruptcy.
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