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. Cole 'pulled the rug' when it flopped, repackaging the idea as Football Index, which went live in 2015. At one Football Index event he joked: 'All you've got to do is max out your credit card, effectively, that's your leverage. In 2019 the Advertising Standards Authority admonished Football Index for 'creating the impression the product was a lucrative investment opportunity'. Last week, when Football Index was forced to slash payouts to customers, the market crashed.

Source: The Nation March 17, 2021 01:07 UTC