Former Charlton Athletic defender Richard Rufus has been officially declared bankrupt after racking up millions in debts following failed property transactions.
Rufus, who retired in 2004 after a series of injury problems, began setting up property investment schemes for families, friends, churches and charities the following year.
He started trading on the markets with his own money from 2003, before setting up his own company, Rufus incorporated Monopoly Trading and Investments Ltd 2005.
In November 2011, he entered into an Individual Voluntary Arrangement, after the FSA served him with a bankruptcy petition. His portfolio contained six properties at the time.
This included a £1.9 million home in Purley, Surrey, which carried a Bank of Scotland mortgage worth £2,079,210. Four of his other five properties, all in south London, had mortgages larger than the property's value.
Rufus was also employed as a director at Kingsway International Christian Church (KICC) from 31 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.
The total amount owed to individual investor creditors is alleged to be around £3 million.
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.
“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 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 earlier this year.
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