DURHAM and former England cricketer Paul Collingwood is suing a financial adviser who he claims has lost more than £300,000 of his savings.
Team captain Collingwood, and his wife Vicky, a human resources administrator, say they invested more than £650,000 through Roderick Langham, hoping to generate income to raise their children and for their retirement.
But in a High Court writ they claim their savings were put in high-risk investments against their instructions.
They are seeking to recover their money, plus interest, from Langham and his company Sigma Wealth Management, now in the process of liquidation and whose clients included Newcastle United player Shola Ameobi.
Langham, denies the allegations.
The Collingwoods enlisted his services in 2005 as they “wanted to start a family and therefore wished to ensure their standard of living remained the same.”
According to the writ they were “looking for capital growth and were not looking to take any unnecessary risks with their investments to ensure that they had monies available to provide and look after their children.”
The couple have three daughters, aged six, five and two.
However, each of the investments recommended to them depreciated in value. A large part of their money was put in high-risk unregulated collective investment funds which did not suit their risk profile and performed poorly.
Langham and Sigma Wealth Management, based in Manchester, were previously threatened with legal action over similar allegations in 2011.
The Collingwoods, who live in a £1m country house in Northumberland, are claiming £300,000 in damages.
Langham and the company also face similar High Court claims from at least four other couples and two individuals.
Speaking from his home in Lancashire, the adviser said: “I completely disagree with the charges and they are in the process of being defended by our solicitors.”
The Collingwoods declined to comment on the matter.