Footballer who conned victims out of £30,000 in cryptocurrency scam squandered money on designer clothes and casinos

A former footballer who conned his victims out of more than £30,000 in a cryptocurrency scam has avoided jail. Louis Myers, 26, promised his investors they would make profits as part of a “get-rich-quick scheme”.

But instead he simply kept the money in his bank account and splashed out “considerable” sums on expensive designer clothes and wasted it in nightclubs and casinos. He defrauded five people, one losing £15,000 and another £10,000, Manchester Crown Court heard.

Myers, who played for the likes of FC United of Manchester and Radcliffe Borough, avoided being jailed after a judge was told his jailing would lead to the loss of 10 jobs at the company he is a director of.

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The man who lost £15,000 said he couldn’t sleep or eat after finding out his money was gone. He said: “I was ashamed and embarrassed that I could be so stupid as to fall for such a scam.”

The five victims have not recovered their money and Myers now faces an investigation under the Proceeds of Crime Act. Prosecutors said Myers’ victims were people he knew or had been referred by associates.

He claimed to have “acted for a number of well-known footballers” as part of his cryptocurrency trading. But when his victims started asking questions about where their money was, Myers first offered an apology and then did a “disappearing act” by becoming uncontactable.

He had previously told some of them that their investments had increased in value. They lost £15,000, £10,000, £2,000, £2,000 and £1,500 respectively.

No contracts were exchanged and the investments were made on an “informal” basis over a five-month period in late 2021 and early 2022, the court heard. Police were contacted and Myers was interviewed in 2022.

He denied acting fraudulently but said he had “bitten off a bit more than he could chew”. Myers claimed to have kept records but said they were no longer available.

He later pleaded guilty to five counts of wire fraud. “For a crime like this, it’s difficult to put into words the effect it had on me,” the victim, who lost £15,000, said in a statement read on his behalf. “The effects were more on my mental well-being.

“The stress and anxiety I experienced was hard to describe. To this day I don’t understand why he (Myers) did it.” He said the effect of the money loss was less than it would otherwise have been because of a “change in circumstances” in his finances.

Judge Timothy Smith said Myers’ victims were “deceived” by him and put their trust in him. “That trust was, unfortunately for each of them, badly and very badly misplaced,” he said. “This was entirely a selfish and selfish exercise.”

Defending, Michael James said Myers was previously a professional footballer who later became involved in cryptocurrencies. “He’s been reasonably successful in doing that,” Mr James said.

He said that investments “started running away from him” and that he started “robbing Peter to pay Paul” and “went into disarray.” Mr James said Myers had since received threats and “life warnings” from the police.

Mr James said Myers is the director of Blue Flame Fire Engineering, a firm which employs ten people. The lawyer said the business “could not continue” if Myers was closed.

Judge Smith said there was “little” in the way of “substantial or strong mitigation” in his case, other than the impact of a prison sentence on the company’s employees. “I am clear, if that is not the position, things should be reviewed,” the judge told Myers.

“You are very, very close to being sent to prison immediately for these offences,” he warned the defendant, who received a 16-month prison sentence, suspended for two years.

Myers, of Belgrave Road, Oldham, was ordered to carry out 200 hours of unpaid work and complete 20 days of rehabilitation activity.