THE manager of a boy band is under investigation for allegedly persuading people to part with millions of pounds to fund his lavish lifestyle.
Although Andrew Papadopoulos, 35, has no authority to give financial advice, he is alleged to have channelled substantial sums of money from investors into an illegal investment scheme.
Now the Financial Services Authority (FSA), the chief City watchdog, is worried that the money was used to pay for Mr Papadopoulos’s various activities.
As well as spending the cash on spread-betting and gambling online, the regulator says that the band manager used the money to promote his brother’s five-piece boy band called Upfrunt from Wanstead, East London.
Upfrunt have yet to release a record despite months of hype and appearances on MTV. In an interview with a local newspaper a year ago, Mr Papadopoulos said: “They are like a cross between Blue and Westlife. We’re going for No 1 at Christmas.” Mr Papadopoulos told the paper that Playing the Lying Game would be out towards the end of October last year.
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The City watchdog said yesterday that Mr Papadopoulos had purchased pop and sports memorabilia with money he had accepted from “numerous persons”.
Last night the FSA confirmed that the band’s manager was helping it with its inquiries. If Mr Papadopoulos is found to have been running an unauthorised collective investment scheme, he could face charges.
In the meantime, the FSA is appealing for anyone who has invested money, or was planning to give money, to Mr Papadopoulos to come forward.