Football Star jailed for Defrauding Friends and his Church

Justin Freeman

Football Star jailed for Defrauding Friends and his Church

  • City of London police found former Premier League footballer Richard Rufus to be operating a £15m scam.
  • Rufus leveraged off his reputation and celebrity links.
  • Family members, friends, and members of his church lost life savings to Rufus, who “acted in a selfish manner without any concern for his victims”.

Former Premiership footballer Richard Rufus has been jailed for seven and a half years for masterminding a financial fraud scheme. He targeted his associates, friends, family, and church congregation members. Self-made claims that he was an expert forex trader unravelled and led to him being convicted of fraud, money laundering, and carrying out a regulated activity without authorisation.

The 47-year-old footballer’s career included 288 appearances for Charlton Athletic FC and opportunities to play alongside superstars like Rio Ferdinand. He deceivingly referred to those connections when luring victims into his bogus scheme.

Football Scammer Uses Tried and Tested Tricks

Rufus’ pyramid scheme promised 60% per annum returns and was ‘backed up’ by dubious claims that he had been head-hunted by major banks, including Morgan Stanley and Barclays. Instead, he followed the tried and tested method of drumming up interest by making payments to early bird investors using the capital invested by those drawn in by apparently mouth-watering returns.

Roger Makanjuola, from the CPS (Crown Prosecution Service), outlined how Rufus, a once trusted church congregation member, operated.

“He took advantage of his status as a professional athlete … but the investments were fraught with risk and he lost his victims’ much needed money to the amount of £15 million. While making these huge losses, he put approximately £2 million into his personal accounts, allegedly for the purposes of investment but this was never transferred over to his trading account.”

Source: CPS

The CPS has commenced confiscation proceedings to recover his ill-gotten gains, but the footballer retired in 2004 and has since managed to live a lavish lifestyle. His possessions include a five-bedroom house, a Bentley car and Rolex watches, so the chances of victims being reimbursed look slim.

Church Congregations Being Targeted by Fraudsters

Rufus’ scheme also highlights how churches are currently proving a prime target of fraudsters. The charges recently made against Denis Jali and John Frimpong relate to an incredible $28 million being swindled out of East Coast US congregation members.

It’s alleged that by operating within a circle of trust, the two men followed the same ‘business model’ as Rufus managing to create a Ponzi scheme which failed to deliver on its promises. Instead, it supported their own lifestyles.

People Also Read:

Crowdsourcing information about scam brokers can help others avoid falling into the traps set by disreputable brokers, and you can share your experiences here. If you would like to know more about this particular topic or have been scammed by a fraudulent broker, you can also contact us at [email protected]

Justin Freeman

Latest news

Unauthorised and Scam Forex Brokers for March 2023
Unauthorised and scam brokers are more common than you might think, and they are often very convincing. Read more
Lawmakers Criticise Finance Industry’s Obstacles to Making Fraud Refunds Easier
A new scheme that aims to compensate victims of fraud might not deliver on its promises. Read more

Safest Forex Brokers 2023

Broker Info Best In Customer Satisfaction Score
#1 AvaTrade LogoYour capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
#2 BlackBull Markets LogoYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
#3 73 % of retail CFD accounts lose money Founded: 2014 Global Forex & CFD Broker
Number One Broker
Best Trading Conditions Visit broker
#4 Forex Broker eToro Logo67% of CFD traders lose Founded: 2007 Global CFD & FX Broker
Number One Broker
#5 Plus500 Logo79 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008 Global CFD Provider
Number One Broker
Best Trading App Visit broker

    Forex Fraud Certified Brokers

    OctaFX Logo
    XM Logo
    Exness Small Logo
    IQ Option Logo
    City Index Logo
    skilling logo
    LegacyFX Small Logo
    AvaTrade logo
    HYCM Logo
    IC Markets Logo Logo
    BlackBull Markets Logo
    ATFX Logo
    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.