This is Kent
12:31 - 10-March-2010
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.
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.
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