Conman Kevin Foster convicted of defrauding investors
FRAUDSTER Kevin Foster has been told he faces a lengthy jail sentence after being convicted of defrauding investors of millions of pounds.
After a seven-week trial at Harrow Crown Court, Foster, 51, was found guilty yesterday of 14 counts of theft and deception.
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The jury heard that Foster, of Seed Road, Doddington, had used investors' money to pay for a lavish lifestyle for his family.
He spent £600,000 on buying Wellwood Farm and more than £700,000 on cars. He bought other properties, and paid off substantial personal judgements debts, serviced mortgages and credit cards, and withdrew almost £3 million in cash during the course of the schemes, which went under the name KF Concept.
Investors were encouraged to part with a combined total of £34 million and were promised high returns on gambling and marketing activities.
Little of those funds were used for such activities, although millions were poured into an off shore pyramid scheme. Meanwhile, Foster paid himself and his close associates substantial incomes and used KF Concept money to fund his extravagant lifestyle.
Serious Fraud Office director Richard Alderman said: "I am very pleased with this verdict. This was a very complex investigation and the SFO was determined to bring justice for the many victims who lost their hard earned savings to this Ponzi scheme. I would like to thank colleagues from Kent Police and the Financial Services Authority who helped us with our investigation."
Foster will be sentenced at Harrow Crown Court on Friday, April 16.
Were you taken in by Foster? Get in contact by emailing newsdesk.gazette@krnmedia.co.uk or call the newsroom 01634 236330.
11 Comments
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by bibs, kent
Thursday, March 18 2010, 6:34PM
“did any of you know, that say you lost money was it kevin that made you lose it or the fsa with the freezing order, just think for a mo. the tusttee has plenty of money. has he paid you in 6 yrs after saying within 3 months he would paid everyone from the start 2005. l would like to hear the comments. aslo l bet none of you know last year it went to court and was thrown out by the judge case number T2007-0574 at kingston so they had to appeal and no thing was allowed to be said at harrow of evidence that was found for the defence in of what the judge got from 3 months of trail. so before you keep posting have a good think. why is an innocent man in prison.”
by AMANDA, sittingbourne
Wednesday, March 17 2010, 4:19PM
“kevin foster is a sly fox..i hope he and his family are left with nothing, like me and many other people..his gift of the gab wont get him anywhere in ELMLEY PRISON! he may not of falsed people to hand over there money, he just conned as out of it....he deserves a long sentence..fraud aint a laughing matter....”
by Mal, Kent
Monday, March 15 2010, 3:50PM
“Why should he expect a lengthy sentence? I have watched the promotional video, unless I missed something, nobody was forced to hand over money. We all have a choice! When you buy a lottery ticket you could win a million, but for the majority of us it will only ever be a tenner! Its all a gamble.”
by dude, kent
Monday, March 15 2010, 12:40AM
“good luck kevin!”
by Jock, Paddock Wood
Friday, March 12 2010, 3:25PM
“Jim / Carl - I'm sure you'd change your opinion if you were one of the unlucky people to lose thousands of pounds in one of his scams.
MPs creatively playing the expenses system is one thing. A con man directly ripping you off for thousands is far more serious and the sentance should reflect that.”
by Carl, Sittingbourne
Friday, March 12 2010, 12:06PM
“Well said Jim. He'll probably get a longer sentence than some murderers and rapists get.”
by jim, sittingbourne
Thursday, March 11 2010, 5:26PM
“i do not understand why kevin shold expect a lenghy sentence when so called politicians do not even get a criminal record.i think it is totally wrong.good luck kevin.”
by Lou, Tunbridge Wells
Thursday, March 11 2010, 12:19PM
“We nearly got drawn into this, but something never seemed 'quite right'. So glad we never parted with our money. I know people who 'invested' thousands, never to see it again. I hope he gets a lengthy sentence”
by Kathy, Kent
Thursday, March 11 2010, 6:32AM
“At last, it has taken 6 years!!!!”
by Cherish, Kent
Thursday, March 11 2010, 12:05AM
“Indeed!”