Wayne Rooney and Rio Ferdinand are among the top football stars to have lost £25million after investing in a firm accused of fraud.
The England and Manchester United legends will not get their cash back after police closed a probe into the company.
Police said they did not have enough evidence to prosecute financial advisers Kingsbridge Asset Management.
In 2018, the Mirror told how the company had attracted £417m worth of investments from 589 sport stars.
The police probe centred on an alleged £25m fraud relating to property deals.
Gavin Tyrrell, City of London Police director of fraud investigation standards, told the Mirror: “We conducted a two-year investigation into allegations of fraud against a number of employees of Kingsbridge Asset Management.
"There was insufficient evidence to meet the requirements for a successful criminal prosecution. This view was supported by the Crown Prosecution Service.”
Derby boss Rooney, 36, and Ferdinand, 43, were among 31 footballers who bought holiday homes in Florida through Kingsbridge.
Pundits Danny Murphy and Martin Keown also invested in the failed property venture.
Police said victims had each lost hundreds of thousands up to several million pounds, though it is understood some recouped some of their losses through legal action.
Ex-Scotland captain Colin Hendry claimed he went bust after taking advice from Kingsbridge and investing cash. The City of London police probe centred on Charlotte Harbor, a holiday home development, where stars snapped up condos, priced £300,000 on average.
Rooney bought his plush apartment for around £320,000. Many of the properties were later sold at huge losses. The average resale price was £75,000. The apartments allegedly generated more than £800,000 in commissions for Kingsbridge.
The Nottingham-based company also offered other investments including property in Marbella, before it ceased trading in 2010. Police had been investigating the activities of Kingsbridge over claims of defrauding “high net worth clients” between 1992 and 2010.
Det Supt Perry Stokes said at the start of the probe that losses stood at more than £25m. He added: “We launched a review into allegations of fraud involving Kingsbridge and associated companies.” At the time, he said they were believed to have “conspired together to abuse their position of trust to defraud”.
He added: “Clients were told investments were low risk but turned out to be very, very high risk and exposed the clients to significant risk of harm.”
City of London Police also confirmed no further action is being taken against three suspects with connections to Kingsbridge, following their arrest by fraud squad detectives in 2018.
A 61-year-old man was held on suspicion of conspiracy to defraud in Blackburn and two men, aged 60 and 38, were arrested in Nottinghamshire.
A spokesman for Kingsbridge Asset Management said at the time they “never sought to benefit financially at the expense of their clients and their alignment of interests have always been clear.”
Representatives of Rooney and Ferdinand were approached for a comment.
