According to the club, Thomas Guerriero has resigned as a director of Oxford City (Trading) Ltd due to continuing concerns about his health.
Since his appointment to the Board in March 2013, Guerriero has worked tirelessly bringing sponsorship to the club.
He has been seriously unwell for several months and has recently endured repeated surgery.
However, it has also been revealed that Guerriero has been charged by the United States Securities and Exchange Commission (SEC) with a ‘classic boiler room fraud’ relating to the club.
A statement claims Guerriero touted his company, Oxford City Football Club Inc., as being “the largest publicly traded diversified portfolio of professional sports teams in the world.”
It made claims of profits of over $700million over the next five years including nearly $500million from an online university that simply did not exist, and $20million from a radio station they did not own. It also claimed to own $100million of land and stadia that were actually Council owned.
The company was then touted to mailing lists with pressure tactics to earn a reported $6.5million in share sales from unsuspecting buyers, who were lured in on the back of promises of 50c a share returns in the first year. The $6.5million is a similar figure to that attributable to ‘consulting fees’ paid to Guerriero by his company (link), with a total book debt of over $17million.
Guerriero took over the club in April 2013, promising a new stadium and expanded facilities.
He rebranded a failed Texas based indoor league side to the Oxford City name, claiming at the time he owed three ‘professional’ English clubs – essentially the Oxford City first-team, their Nomads side in the Uhlsport Hellenic League, and a futsal side – and the stadia they play in.
He also claimed a ‘professional’ basketball team in Oxford that currently plies its trade in the amateur fifth tier of the English League.