Cricketer Paul Collingwood sues Melbourne financial advisor

Former England cricketer Paul Collingwood is suing a Derbyshire financial adviser to the stars

– accusing him of losing more than £300,000 of their savings through risky investments.

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    Former England cricketer Paul Collingwood

Paul Collingwood, 36, who retired from international cricket in 2011, and his wife Vicky, say they invested more than £650,000 through Roderick Langham, of Melbourne.

Now they are seeking their money back from Mr Langham, and the investment company of which he was managing director, Didsbury, Manchester-based Sigma Wealth Management Ltd.

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They say more than £400,000 of their savings were put into “high risk and unregulated collective investment” funds which “did not suit their risk profile”, despite Mr Collingwood insisting he told Mr Langham he “could not afford losing his capital”.

Each of the investments recommended by Mr Langham and his company to the cricketer and his wife “depreciated in value”, the writ alleges.

Sigma, which according to its website counted Premier League footballers Shola Ameobi and Fabrice Muamba of Bolton Wanderers as clients, as well as the Collingwoods, is now, along with Mr Langham, facing a High Court damages claim from the cricketer and his wife.

In the writ, the Collingwoods, who have two children and live at in Stocksfield, Northumberland, say they first approached Mr Langham in 2005.

Mr Collingwood claims he told the adviser he was “looking for capital growth and could not afford any risk of losing his capital as he and Vicky were looking to start a family and therefore they wished to ensure that their standard of living would remain relatively the same.”

The couple say they relied on Mr Langham’s advice on investments, tax and pension planning and claim that they told the adviser they were “looking for capital growth and were not looking to take any unnecessary risk with their investments, to ensure they had monies available to provide for and look after their children.”

By that time, in 2008, the couple’s children were aged 20 months and three months.

The couple claim much of their money was put into “high risk unregulated collective investment” funds which “did not suit their risk profile” and subsequently fell in value.

The Collingwoods claim that, had it not been for Mr Langham’s “negligence, breaches of contract and breaches of the Financial Services Authority rules”, they would not have agreed to their money being put to such use or “would have entered into investments which complied with their instructions.”

Sigma and Mr Langham’s defence to the action was not available from the court. Mr Langham has said that liability in the case is denied and that he will be fighting the Collingwoods’ claims, which have yet to be tested in evidence before a judge.

Paul Collingwood made his first appearance for England in One Day International cricket in 2001 and made his Test match debut in 2003. In 2010 he led the England team to their first ICC Trophy, the 2010 World Twenty20. He is England’s most capped ODI cricketer and leading ODI run scorer.

He announced his retirement from Test cricket in January 2011, during the 5th Test of the 2010–11 Ashes series.


Monday, April 29th, 2013 EN

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