RIP Football Index

@Zidave1 What do you think was the reason for Adam promoting Mike to CEO? Clearly not up to it.

Don't forget Mike Bohan was there from the start. He created #footballindex he was CEO and announced the Q&A after instigating insolvency proceedings, lied to the VC that invested into Index Labs about Nasdaq, denied services to Betindex after asking for £1.3m to keep developing

@intowinbaby @GamRegGB Regulated on paper but not in practice. Complete failure. Should never have licensed it, except they did & now expect consumers to cover the cost for the damage it caused

Hmmm great question! "It was licensed and regulated by the @GamRegGB" (we call them 🤡) #footballindex

@ElonsTurdFlaps ... Similar 'exits' at convenient time Of course, Mike not innocent, but it hasn't worked in his favour by the looks of things. I don't know. There's something very naive/ foolish about him, vs something very calculated about Adam's disappearance. They need interviewing.

@ElonsTurdFlaps ... - Mike left to pick up the pieces of the div increase - Adam pulls the strings from behind the scenes (only possible with Mike who trusted him) - Mike sent to make false statements under instruction? - Adam knew his reputation was tarnished & downfall soon - GC execs made....

Mike Bohan is not the one to blame. Adam Cole knew the ship was sinking and threw Bohan under the bus at the right time like a spineless coward. Bohan was offered a step up in the business which anyone would take. #footballindex

@Zidave1 The feature mentioned investigations by the Insolvency Service. These must have been going on a while now, but yeah there's definitely more to this than what it seemed initially (a last minute scramble to save the platform).

as well before the shit hit the fan. Cole sold up in August 2019 and has covered his tracks. Ciaran Rowan has got away scot free but he is as corrupt as the other 2. I am committed to finding out what happened despite the best efforts of regulators to cover their arses.

I've always thought April 2020 was the pivotal month for #footballindex which is weird as that is the month they held the largest cash balance. They had already commenced the spend on Hadron so were committed. So why did Bohan attempt to sell his house? Was he trying to disappear

@GamregApproved @ElliePittTV @AdamColeFI Yes, he needs to come out of hiding & questions answered. Clearly this isn't going away and I think they realise it now. Only a matter of time?

@ElliePittTV Next up @AdamColeFI 👌

Tracked down Mike Bohan, CEO of Football Index when it went bust with £124m of customers’ money in open bets. They’re still waiting for answers about what happened. Full story here: youtu.be/EHBtBJX-8xk

@RuthCadbury @ElliePittTV Thank you. Consumers are paying the price for failed regulation. They couldn't care less. Appreciate the support.

The football Index Scandal showed the complete failure of the regulatory system (led by the gambling commission) that was suppose to protect users- including my constituents. Really pleased to see @ElliePittTV at ITV cover this important issue. 1/2

@ElliePittTV ... Please, please, could you track down Adam Cole, & the Gambling Commission execs who also 'disappeared' at the time. Too many questions unanswered & this brings up difficult memories, but genuinely, thanks for increasing awareness of this, & to those who told their stories.

@ElliePittTV Thanks for covering this & exposing what happened. Most haven't understood so far. A shame to see Mike couldn't even bring himself to address the question. I've tried to take a balanced view on what happened but difficult to comprehend his 'so what' attitude'....

The Football Index Scandal: how thousands of customers lost their life savings. Thank you to the brave FI users who shared their experiences with me. I know it wasn’t easy to relive that time. Here’s a link to my ITV National News investigation: youtu.be/EHBtBJX-8xk

@Zidave1 @michelledonelan @scullyp Likely not just limited to #footballindex scandal. Imagine what would be uncovered if other cases were investigated in the same way. Corrupt regulator. Public needs to know what went on.

Had to leave? @michelledonelan & @scullyp

So if the @GamRegGB had such a "marvellous team" as per 1 of my previous tweets why did so many of the Executive Team leave in the year after #footballindex collapsed @andrewjonrhodes or did they all "just leave" like Neil Macarthur?

@777MUFC @Zidave1 @GamRegGB @TheFCA The regulators showed their true colours. No genuine interest in protecting consumers. Hide their mistakes & blame each other. Platform should have been frozen early on & proper financial regulation put in place.

@Zidave1 @save_fi @GamRegGB @TheFCA As soon as they were aware, nobody should have been allowed to put a penny more into the business until if was regulated under the correct guise

In June 2020 @GamRegGB knew that only a small portion of the product was within their remit, probably only IPDs which was the only "real event" but rather than do something about it they allowed #footballindex to:

@Zidave1 @GamRegGB @TheFCA @TheFCA should have been involved from the beginning. They were aware of it early on I believe, but did nothing. Pretended they didn't know. @GamRegGB license gave it a false sense of credibility. Consumers trapped between two regulators fumbling around & passing the buck.

@save_fi @GamRegGB For #footballindex and the commission. @TheFCA were never going to provide a licence to this shambles. But they should have closed it down protecting staked funds being syphoned & further deposits. That's my issue with them.

@Zidave1 @fi_action So, a licensee couldn't provide (to the regulator) a break down of bets/ shares which they had issued. 'No problem, send us a bank statement' instead. Botched job. Have these been picked up by the media? The wider public need to know.

Right last one on this particular tranche of FOI requests. I can't take credit for obtaining them we have a great @fi_action team all pulling together to get justice for #footballindex consumers and get the truth out there!

@Lambings_ I thought it was a relaunch. 🤦‍♂️ I'll update/ delete the tweet.

@save_fi Behave yourself.

@Hammer_FI Not trolling at all. I thought it was legit relaunch, but apparently not.

@save_fi Got to be someone trolling us all 😩

@7836Moukoko It's not legit?

@dronnygaz @Zidave1 Self preservation took over. The platform grew out of control of the management. They panicked & became increasingly desperate. GC prioritised themselves over consumers. Covered their own backs & watched it go down. Unforgiveable.

@Zidave1 Bleating that #footballindex lied doesn't cut it! It was their duty to ensure that the operator complied. That was their job! Not fit for purpose! Gross negligence and incompetence!

Hang on! So the Gambling Commission blamed #footballindex for not being honest with them at the application stage and not telling them about the ability buy and sell shares even though that function was on the website. I don't believe them but let's give them a pass

@0001Eagle @GamRegGB Most concerning thing about all of this is that we would all have been better off without gov regulation at all. It misled people into a false sense of security. 'They didn't understand the platform' but still licensed it anyway.

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