Adam Cole iTelecom- Partner. Adam Cole stepped down last year from Football Index, which sold “shares” in footballers such as Bruno Fernandes. [12][13] The platform immediately ceased trading. The company entered administration in March 2021 and is currently suspended without a gambling licence. At one Football Index event he joked: 'All you've got to do is max out your credit card, effectively, that's your leverage. Boynton Beach, FL. There are 400+ professionals named "Adam Cole", who use LinkedIn to exchange information, ideas, and opportunities. [19] In May 2016, they raised £1,156,327 through the crowdfunding platform Seedrs in exchange for 15.10% equity, at a pre-money valuation of £4,497,268. Spring clean your savings: If Covid has taught us anything,... Trading platform eToro takes aim at the stock market with a... Ferguson investors to receive £289m special dividend payout... Natwest faces criminal proceedings over alleged breach of... Easy and most popular DIY investing platform, Max £42 investment trust and shares ISA fee, Online investment advice on Isas and Sipps, > Compare the best investing platform for you. Some links in this article may be affiliate links. We don't know where the money's gone, it feels like a big con.'. I was joined by Founder & CEO of Football Index Adam Cole, and CTO of Football Index Akash Gharu to discuss certainty in the market, whether roadmaps will appear, what the future itereations of the ME will look like, Media Buzz, surveys, marketing and much, much more. 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Adam Cole Founder, Football Index. “We're very proud and excited to work with them to provide our … In 2019 the Advertising Standards Authority admonished Football Index for 'creating the impression the product was a lucrative investment opportunity'. An email sent to shareholders last Thursday from Adam Cole, founder of Football Index, and seen by Sportsmail, confirmed that the company has suffered 'significant losses' this year. Changes were announced in March 2021 including the issue of new Shares and the reduction of the "dividend" payout from a maximum of 33p per share to 6p per Share. Its website says the company, founded in 2015, is a challenge to traditional bookmakers that allows its players, who are known as “traders”, to take back control. [1][2] Customers purchased imaginary shares for the chance to win daily payouts calculated based on player performance on match days, and their presence in the platform's Media Rankings, which paid out on the top trending footballers each day.[3]. Adam Cole, Founder and CEO of Football INDEX comments, Football INDEX is rapidly gaining traction in the UK, with over 100,000 football traders from across the UK. Both the UK Gambling Commission and the Jersey Gambling Commission have granted operator licenses to the company. The collapse of Football Index, founded by Adam Cole (pictured) has left thousands of victims with massive losses, leading some to accuse bosses of … Read more on thisismoney.co.uk Football Index Detailing how the site accumulated 100,000 users across the UK, with a number of single trading days in excess of £1 million, as well as analysing future plans for expansion, Adam Cole, Founder and CEO of Football INDEX spoke to SBC. Football Index said: 'Our priority is to safeguard the interests of our customers and we believe the best outcome for our community will be to continue the platform in a restructured form. The collapse of Football Index, founded by former porn film director Adam Cole (pictured) has left thousands of victims with massive losses, leading some to accuse bosses of … Adam Cole’s moment, back in 2000, had a touch more glamour. Cole, who attended boarding schools Harrow and Millfield, promoted the company at events, on social media and via personal emails. The lies and deception of Adam Cole and Mike Bohan are there for all to see. Founder Adam Cole started Electric Video, which dealt with pre-recorded video and DVD which was later sold to Richard Desmond. Adam Cole, Football Index CEO and Founder, said:“We’re excitedtoannounce partnering with beBettor in this critical area of affordability. This resulted in huge uproar from users who saw their portfolio valuation drop from 50% - 90%.[11]. Is Japan a golden opportunity for investors in the coronavirus storm? Matt Zarb-Cousin, director of Clean Up Gambling, said: 'Adam Cole has serious questions to answer regarding the public statements he made, which encouraged users to deposit more into an unsustainable platform. A cross-party group of MPs has demanded culture minister Oliver Dowden launch an inquiry into how it was regulated. Cole 'pulled the rug' when it flopped, repackaging the idea as Football Index, which went live in 2015. 11th December 2020 | By Robert Fletcher. Blue Whale manager: Facebook and some US tech shares are good value but I wouldn't buy Tesla. View the profiles of professionals named "Adam Cole" on LinkedIn. Foresight manager: How to invest in property and infrastructure for a reliable income. Within hours parent company BetIndex had gone into administration and both the UK Gambling Commission and the Jersey Gambling Commission suspended its licence. At my peak my portfolio was worth £50,000. In this blog post I'm going to offer my personal thoughts and reactions to this- in the main discussing the short and long term implications from both a market and marketing/branding perspective. After all, they are the main driver of prices. MIDAS SHARE TIPS: Are you seeking fat profits from your investments? Football Index co-founder to step down as CEO. We are keen to build on this momentum and evolve into a global brand. [5] The stock exchange cap called 'The Footie' started with the launch of the platform on 2 October 2015 with a base value of 1,000 points. Online betting platform Football Index has announced co-founder Adam Cole is to exit his role as chief executive at the end of the year, as part of a “reset” of the business. If you click on them we may earn a small commission. How we invest in companies helping the planet: Jupiter Green manager Jon Wallace, A simple mix of shares, bonds and cash doubled investors' money in five years: Baillie Gifford Managed Fund's Iain McCombie, Nick Train: 'As long as you're not taking an apocalyptic view, there's plenty to be optimistic about', Can Scottish Mortgage keep climbing? [18] After entering administration, Forest and QPR immediately dropped their sponsorships with Football Index. The tycoon at the heart of the Football Index scandal is a former public schoolboy who launched the world's first ever pornography VHS company. [10], During the 2018/2019 football season, over £321 million was traded on the platform, and over £4.3 million was paid out to Traders through Dividends. The collapse of Football Index, founded by Adam Cole (pictured) has left thousands of victims with massive losses, leading some to accuse bosses of running a 'pyramid scheme'. Football Index was launched by BetIndex Limited (Adam Cole, Founder & CEO), a privately owned Jersey-based gambling operator established in October 2015. It has over 500,000 users, its own podcast and a YouTube channel, allowing players to buy and sell shares in footballers. That's why the latest market update from Football Index CEO Adam Cole was received so well and personally speaking- it gave us some great information. This is Money is part of the Daily Mail, Mail on Sunday & Metro media group, Hope at last for thousands tangled in unfair equity release trap as Age Partnership pledges to help anyone switch their deal, Will Deliveroo dive by another 40%? What the fund that beat the crash is buying now: Barry Norris of Argonaut Absolute Return, MIDAS SHARE TIPS: Here's a truly hot tip for your portfolio - 1Spatial is the fast-growing digital maps expert that helps find a way to fires, MIDAS SHARE TIPS UPDATE: Our domain names tip CentralNic has soared, MIDAS SHARE TIPS: Think big and cash in on GIANT state-of-the-art distribution centres - Tritax EuroBox is developing sites across the Continent, MIDAS SHARE TIPS UPDATE: The cat's whiskers...our pet firm tip Dechra soars, MIDAS RECOVERY SPECIAL: UK shares are the biggest bargain in DECADES - so try these 10 great stock tips, MIDAS SHARE TIPS: Need a lightbulb moment for your portfolio? 'It's one thing to lose money on a fair wager based on the performance of a footballer, but the gamble shouldn't have to extend to the solvency of the platform you're betting on.'. March 23 2021 In 2019 Nasdaq celebrated a deal to provide technology to betting start-up Football Index by posting an interview on its website with British founder Adam Cole. The Gambling Commission has launched an investigation and victims are preparing a group action with Leigh Day, a specialist solicitor. Football Index suspended trading on its platform on the 11th of March 2021. We do not write articles to promote products. Football INDEX is the world’s first football stock market, enabling users to buy and sell real money shares in the world’s top footballers.. It was named the second-fastest private technology company behind challenger bank Revolut in September 2020, and traded in excess of £700million of 'shares'. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. The company is owned by Index Labs, formerly Fame Ventures, who hold the software license for Football Index. Trader portfolios range from £10 to over £1,000,000, and 2% is charged as commission on sales. London. As of 3 April 2020 the Footie has grown to 159,207. But, there were many troubling comments, which punters now claim led them to believe their money was safer than it actually was. Then cash in on the obesity war and you'll be gladly gaining POUNDS! But behind the scenes the business was burning cash. It’s good to see Adam Cole recognise the importance of dividends on the Football Index platform. Why has the US stock market soared while UK shares have fallen behind? Porn Baron Founder Cole, 70, made a … 'Our business model does not, and never has, relied on new users coming into the market. The Jake Lee podcast with the founder & CEO of Football Index, Adam Cole. (Adam Cole/Twitter) The Guardian has learned the owners have enlisted the services of Oakvale Capital, a financial advisory group specializing in gambling. [4] He also founded MyVillage network, a website that lists local restaurants, bars and services in the UK.[4]. BRUNNER INVESTMENT TRUST: A conservative alternative to Scottish Mortgage? Customers piled money in on the promise of 'guaranteed yields' and returns that beat traditional investments. We do not allow any commercial relationship to affect our editorial independence. The case raises questions for the Gambling Commission, which only suspended Football Index's gambling licence after it went bust, leading critics to accuse it of being 'asleep at the wheel'. Many former customers have directed their anger at Cole (pictured right), who acted as the public face of the firm. Championship sides Nottingham Forest and Queens Park Rangers (pictured) have ditched Football Index as their shirt sponsor. He also founded MyVillage network, a website that lists local restaurants, bars and services in the UK. Adam Cole. The hype around the company fuelled its growth. Published: 21:07 EDT, 16 March 2021 | Updated: 21:07 EDT, 16 March 2021. VHS softcore porn tycoon and Football Index founder Adam Cole poses in front of an ad for his company at London’s Edgware Road Tube Station in August 2017. They could then trade them with other punters for profit, paying a small commission to the platform. A message from Mike Bohan. Adam Cole Servant Leader | … The twice-married father first thought of the idea for a fake stock market in 2000, when a friend's wife said they would rather buy shares in celebrities than stocks. We are no longer accepting comments on this article. This reduced the value of all open bets, that were purchased at prices based on the higher payouts. Plans on a new Index for different sports and the new Beta site. The collapse of Football Index, founded by Adam Cole (pictured) has left thousands of victims with massive losses, leading some to accuse bosses of … Mar 17 Share He followed that comment up with a November statement claiming the company had never been a stronger financial position then it was at the time. We've had the vaccine rally and US election, so what happens next for shares? Last week, when Football Index was forced to slash payouts to customers, the market crashed. The collapse has left thousands of victims with massive losses, in some cases running to more than £100,000, leading some to accuse bosses of running a 'pyramid scheme'. The collapse of Football Index, founded by Adam Cole (pictured) has left thousands of victims with massive losses, leading some to accuse bosses … Adam Cole CEO & Founder at Football Index . His business career began in 1979 with the launch of Electric Video, which produced soft pornography films on VHS, including special editions commissioned by the Playboy Channel. Adam Cole, Football INDEX. Going forward it looks like FI are going to be changing the algorithms for the Media scoring system. Beta site still being developed and will likely launch later this summer #footballindex — Adam Cole (@AdamColeFI) May 21, 2019 ': TV's Kirsten O'Brien on money - and making the mistake to buy a car on hire purchase, MIDAS SHARE TIPS: British firm Ricardo that's helping the US army prepare for a low-carbon future, 'I want to put everyone's house details online - it'll speed up sales': Zoopla boss reveals his plan for a CV for homes, Gupta's Liberty Steel received grants even after Greensill came under investigation, Dealmaker Amanda Staveley walked away from 'toxic' Greensill bailout, HAMISH MCRAE: Bull markets can go on for quite a while - and I think this one will, 'We simply haven't built enough': L&G chief calls on pension funds to invest in projects to help end housing crisis, Will we save money for the next rainy day or will we spend it? BetIndex Ltd launched Football Index in October 2015 as a platform to gamble on football players. In January 2021, Mike Bohan was appointed as the CEO. [13], Football Index secured £1.92m of funding from Burlywood Capital, the venture arm of gambling veteran Mark Blandford, who founded SportingBet. Thankfully, Football Index is largely uncorrelated to financial markets that have seen tremendous challenges in the last week. Sorry, it's fool's gold, On a buying spree: Asda brothers snap up fast food chain Leon in £100m deal, US investment giant Vanguard lays down gauntlet to savings world by slashing the price of financial advice, It's been a tough year but my approach is still 'buy the dress! As a co-founder, I have been lucky enough to be part of this journey every step of the way, and I am looking forward to taking on a bigger role in the day-to-day management of the business. Another social media page said: 'Our product is safer and more predictable than financial markets, all while having fun.'. Their geo–affordability check allows us … Football index ponzi scheme The company pretended to be making decisions based on what the community wanted, that all turned out to be bad decisions, while systematically stealing peoples money over the last year, with every change they made. Suggestions that the platform bears any comparison to a pyramid scheme are based on a fundamental misunderstanding of how the platform operates.'. Shoppers may know what experts don't, says RACHEL RICKARD STRAUS, Three in four Britons don't trust online banking as threat from scams escalates, Former employee of Starling files discrimination claim against fast-growing bank, Missed your regular eye test during the pandemic? [6][7][8][9] In January 2018, Football Index reached 100k users, and surpassed half a million Traders in late 2019. POLAR CAPITAL GLOBAL FINANCIALS TRUST: A £221m trust well placed for the recovery, BMO MANAGED PORTFOLIO: Income AND growth in a trust with a twist, CLIMATE ASSETS: Attenborough effect boosts climate fund investing in electric cars, renewable energy and clean water, SECURITIES TRUST OF SCOTLAND: All change at £200m investment fund, but income is still essential, LAW DEBENTURE: The unique investment trust that gets a steady income from legal services. [14] He was joined the following month by Guillem Balague, whose role at Football Index includes hosting trader events, producing regular, exclusive blogs and videos and appearing on FITV. Cole, who is listed on Companies' House as living with his publisher wife Eleanor at a £2.75million house in Buckinghamshire, is said to be involved in the clean-up effort. See the detail company registration in JFSC Company Registry Page The platform allowed gamblers to buy 'shares' in professional footballers and receive dividends based on their performance. Hi there, focus is on Football Index in the UK for the rest of 2019 so tennis index unlikely this calendar year. Adam Cole Chairman & Founder at Football Index London, Greater London, United Kingdom 500+ connections [20][21][22], Learn how and when to remove these template messages, Learn how and when to remove this template message, "The insights from the football stockmarket", "The Football Index crash: 'More akin to a Ponzi scheme than a betting platform, "Football INDEX | Shining the Spotlight | The Good Web Guide", "BetIndex launches football stock market", "Football INDEX announces geographical expansion", "Football INDEX expands into new markets", "Football INDEX - A Stock Market Like Never Before", "Soccer Player Stock Exchange Expands Into Sweden And Canada", "Football Index over halfway home on Seedrs crowdfunding bid", "Fans left irate at Football Index after share prices crash", "Football Index, the game's 'stock market', has licence suspended", "Football INDEX | Iconic commentator confirmed as voice of Football Index | SBCnews", "Football Index announced as official shirt partner", "Football INDEX unveiled as main sponsor of Bristol Rovers FC", "Football Index confirmed as new shirt sponsors", "RSNG | When The Founder Of The Football Index Set Out To Disrupt A £17bn Market He Took A Big Gamble", "Football Index raises £400,000 in Seedrs crowd-funding campaign", "Update: Football INDEX Captures Over £1M Through Seedrs Initiative | Crowdfund Insider", https://en.wikipedia.org/w/index.php?title=Football_Index&oldid=1016481864, Articles with a promotional tone from June 2020, Wikipedia articles with undisclosed paid content from June 2020, Articles with self-published sources from June 2020, Articles with multiple maintenance issues, Articles with unsourced statements from March 2021, Creative Commons Attribution-ShareAlike License, This page was last edited on 7 April 2021, at 12:11. Football fans lost £58million after the betting firm fell into administration last week – in what is believed to be the biggest failure of a gambling business in British history. Victims claim executives hid their difficulties and encouraged more deposits in a desperate bid to bolster their financial position. Football Index CEO Adam Cole said in June that the platform could grow as much as 10x over the next two years. Cole will remain as chairman of Football Index, but step away from the day-to-day running of the business, with co-founder and chief … Founder Adam Cole started Electric Video, which dealt with pre-recorded video and DVD which was later sold to Richard Desmond. One victim, Todd Garber, said: 'The way this was marketed to me, it looked like an investment. — Adam Cole (@AdamColeFI) May 21, 2019. A word from Football Index Founder & CEO, Adam Cole: After my letter to Traders last week regarding the COVID-19 outbreak, I wanted to update you on further steps we are taking to mitigate any impact on our market. This is Money reports that former Football Index users are directing their anger at the company’s founder, Adam Cole. We ask Tom Slater about its 105% return in a year, Tesla, and investments for the future, 'UK equities could be the perfect way to play a global reopening at a fair price': Tom Becket. In 2020, Football Index finalised a partnership with NASDAQ, whose technology will power an Order Books system to be implemented later in the year. The comments below have been moderated in advance. In December, amid a wave of FI share price crashes, the company’s CEO Adam Cole announced that he would be stepping down. Is working from home here to stay and how do you make a career leap? In a podcast posted in June, Cole said: 'We're only scratching the surface of what this alternative asset class can achieve.'. Football index have been shirt sponsors for three EFL clubs - Bristol Rovers and Nottingham Forest from 2018,[16][17] and Queens Park Rangers from 2020. Book now, it may be free, How to make better coffee than a barista for less cash, The four Beatles mugs that sold for £6,000 - and other Toby Jugs that are worth even more, SCOTTISH AMERICAN INVESTMENT: Trust keeps its dividend halo as payouts plunge, A year after payouts were put on ice by the pandemic, here's how to boost your income amid a new dawn for dividends, MIDAS SHARE TIPS UPDATE: Victoria carpet tip has soft landing, MR MONEY MAKER: Spread your bets by backing the stockbrokers like CMC Markets. That's the blunt warning from City firm that first sounded the alarm on Carillion and Wirecard, Steel baron Sanjeev Gupta paid £100,000 a month for flat in Belgravia he left empty, Rev up your returns from the mid-sized UK companies well placed to race away - but don't forget the minnows, TONY HETHERINGTON: Recover your money? Football Index was launched in 2015, by entrepreneur Adam Cole, with the aim of creating a comprehensive trading exchange tracking professional footballers performance and valuation as market assets – mirroring traditional stock markets such as LSE and Nasdaq. As long as you can beat the APR on your credit card.' Football Index claims to be leading a betting rebellion. Adam Cole. At the heart of the mayhem is super-rich founder Adam Cole, 70, who has been accused of a litany of irresponsible statements that led vulnerable players to pump more money into the platform than they could afford to lose. That helps us fund This Is Money, and keep it free to use. Try eEnergy, the firm that's saving schools money, MIDAS SHARE TIPS UPDATE: FTSE 100 firm DS Smith might be recycling packaging but it's producing a payout, MIDAS SHARE TIPS: Home in on carpet and flooring giant Headlam for the chance to make piles of cash, MIDAS SHARE TIPS UPDATE: Our tip is still a good DiscoverIE as shares nearly triple since 2014, MIDAS SHARE TIPS: Plug in to tech firm Cordiant Digital, which is powering the online boom, MIDAS SHARE TIPS UPDATE: Business park firm Sirius Real Estate proves doubters wrong, MIDAS SHARE TIPS: Zoo Digital is the firm that can dub Walt Disney character Mickey Mouse in any language, MIDAS SHARE TIPS UPDATE: Healthy animal feed maker Anpario is flying high. [15] A second football expert, Raphael Honigstein, joined Football Index as a contributor in 2019. ASH DONELON/GETTY IMAGES. What next for shares after the post-crash bounce? [citation needed]. 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