View more on these topics

Ponzi scheme organiser Kevin Foster convicted of fraud

Investment fraudster Kevin Foster has been remanded in custody after being convicted of defrauding investors of millions of pounds through his various schemes, collectively called KF Concept.

Foster attracted £34m from investors by promising very high returns on a collection of gambling and network marketing activities.

The Serious Fraud Office says little of those funds were used for such activities, although millions were poured into an off-shore pyramid scheme while Foster paid himself and close associates substantial incomes.

After a seven-week trial at Harrow Crown Court, the jury yesterday found Foster guilty of unauthorised investment activity, deliberately concealing facts from investors and stealing investors’ funds.

The jury heard that Foster had used investors’ funds to maintain a high lifestyle for his family, purchasing a farm in Kent for over £600,000 and spending over £700,000 on motor vehicles.

He bought other properties and paid off substantial personal judgements debts, serviced mortgages and credit cards and withdrew almost £3m in cash during the course of the schemes.

SFO director Richard Alderman says: “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 FSA who helped us with our investigation.”

Recommended

Isa breakers

As low interest rates fuel a search for income, 2010 is gearing up to be a vintage year for Isas, says Chris Salih

Mortgage approvals for purchase down 49% in January

The number of mortgages approved for house purchase dropped by 49 per cent in January following the end of the Government’s temporary lift in the stamp duty threshold, according to the Council of Mortgage Lenders.

Why prevention is better than cure

Quoting the famous adage, prevention is better than cure; there are many proactive benefits that can improve wellness in the workplace, decrease stress, increase staff morale and reduce absenteeism, as well as attracting and retaining employees of a higher standard. With a recent study showing that employees in Britain are working below peak productivity, preventative benefits can ensure you address potential health issues or causes of stress at their source and ensure productivity in the workplace remains at an optimum level. With this in mind, how are you using preventative benefits to help keep your workforce happy and healthy?

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. I am so pleased this conman has been brought to justice. I lost money to this man, I hope he is left with nothing.

  2. It would be interesting to monitor the formal qualifications of individuals such as Mr Foster.

    See if what the CII and FSA say rings true.

    I am soon to be a no longer required 62 year with over 30 years experience that is being asked to study for new exams or leave the advice industry.

  3. As long as people are prepared to try for a quick fix, get rich scheme, instead of proven, reliable money making methods, people like Kevin Foster will continue to make money

  4. What is so bad in taking further exams, this will raise the profile of Advisors and hopefully bring us on par with other professionals. Surely you wouldn’t see a doctor with no other qualifications than longevity in his field

  5. It’s funny when people don’t put there names when slagging a innorcent man such as my dad off crazy! Well just think if it was your own family member you would stand by him/her I think my dad just wanted to make everyone happy it’s funny really as when he did the first court case he won and then some (man) dismissed it that was in London kingstan and then redone it all people are just jelouse becoz he has money far play to him just think if he took peoples money! Then why is tax and others thing take our money that we have to give them people on the doll is useing our money to sit on there arses and fake they looking for jobs I think the world has got out of hand and just trying to put a decent bloke down and foster didn’t make or convice people to do it it was there choice and if dads so bad as people say why ant kevin macnab got the same treatment and others two people get less for murder!

Leave a comment