Pyramid conman Kevin Foster found guilty of theft and deception

Kevin Foster, of Doddington, found guilty of theft and deception in pyramid scheme

A Kent fraudster who conned investors out of millions of pounds faces a lengthy jail term for theft and deception.

Kevin Foster, 51, of Seeds Road, Doddington, ran a Pyramid-style investment scheme which lured investors in with promises of great riches.

Now he has been found guilty of 14 counts of theft and deception at Harrow Crown Court.

Foster attracted £34 million of investment using roadshows at hotels and conference centres across the UK.

He drove potential investors into a frenzy by offering prize winners gifts such as cars or cash during on-stage promotions.

He promised high returns on a collection of gambling and network marketing

activities.

But there was no substance to his schemes - and he was only able to make payouts with money from new investors.

Meanwhile Foster himself enjoyed the type of elaborate lifestyle he promised to his investors, the court heard.

He owned a £600,000 farm in Kent which he fitted out with a swimming pool, hot tub, exotic animals and Koi carp breeding pools.

He also spent more than £700,000 on cars and withdrew almost £3 million in cash.

After a seven-week trial, a jury found him guilty of eight counts under the Financial Services and Markets Act 2000.

He was also found guilty of six counts of theft, relating to his use of funds

to buy various properties and cars, and service his own extensive debts.

The case has been adjourned to April 16 for pre-sentence and psychiatric

reports and Foster has been remanded in custody.

Wednesday, March 10 2010

Comments (10)

Comments closed

  • wendy braveboy wrote:

    To whom it may concern I was a member of the K F Concept and lost money. This money was secure until the authorities started their search. To be fair no one in the K.F Concept would have heard of the F.S.A and its rules and regulation. (including Keving Foster)let alone would we all have envisiaged the outcome. We were all adults we were free to put our money were we thought best. We did not choose to have shares in Northern Rock. We as Members are equally guilty as we all have introduced a friend or family member. This is not just down to one person it is wrong to lay all the blame with Kevin Foster. The procedure of introduce a friend is used by very large companies everyday to entice people to join they give an incentive. No incentive was ever given or used to get 8.500 members to join the friends and family team. I am sure there has been a mistake made in the distinction of a pyramid/ponzi and that of introduce a friend It would appear that Kevin Foster is the one to pay the price when in reality there are larger companies who use the same procedure to secure customers. I could give many examples where money is used to entice people to join. Banks in particular. No one was ever offered an incentive to join and all members were adults who were happy with the structuring. There were no complaints. None of the mambers could have envisaged the outcome with the involvement of the F S A and the freezing of all funds. Its all down to the judge now.I'm sure he is a fair man and he can see there's more to this than meets the eye. Mr Foster has been found not guilty in one trial already but they the F S A appealed and this is now the situation we the 8.500 members are all caught up in. The trustee states there is no money but I' m sure he will have taken his fee. So we do have a winner at the end of the day. I have learnt a lot from all this do not help friend,s and family the government does not like it if you appoint a leader

    05 Apr 2010 7:42 AM

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  • Chris wrote:

    Cult of Kevin Foster

    After 7 years people are still claiming that Kevin Foster has been stitched up?

    First court case that nobody knows about? Kevin and his supporters have a history of vague claims defending him as vague as the explanations as to how he could give 5x returns on investments.

    Hopefully he will learn his lesson and even better himself in prison.

    19 Mar 2010 8:19 PM

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  • Anonymous wrote:

    Equal Legal System?

    I do agree with the previous comment, if any one feels they want to comment on this case, they should
    find and read all the facts before they judge Kevin Foster, as we all know just watching the TV and reading the newspapers only scrapes the surface. At the moment we don't just have one but a number of MP's being investigated, I wonder if it is the same justice for all. (Or does it depend on who you are)

    12 Mar 2010 10:50 PM

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  • Anonymous wrote:

    People with small minds shouldn't speak

    If you think your right then I suggest you find the facts as you have only watched tv or read the paper if you want the truth find the archives from Kingston where the first trial was and on that you'll see the truth on how the (government) treat people that try to help others make money in their eyes we are just numbers that aren't supposed to do anything we have to do as we are told and believe what's in the papers and on tv. I suggest before you slag him off dive a bit deeper and see the first court case that nobody knows about and how the judge thought it was all a farse and through the case out because of the lies and abuse. My message is get facts before you judge anyone.

    11 Mar 2010 9:11 PM

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  • aimee- wrote:

    Innocent!

    you may all think this man is dodgy, you may all think he looks it but he isnt. all he does is work had to support his family. he hasnt done anything wrong and yes his daughter is only 16 but she has been brought up in a good way not the way your all thinking!
    you cant judge him if u dont know him. look at these people out there that have raped people or have killed someone. like baby P and the bloke that has recently been found out to be rapin his daugters for 25 years, you dont see them supporting their families like kev has! he has an amazing family and they have all worked hard to get whre they are to this day!
    he is innocent and we all know it so let him free and catch the oeiole that are actually doing crime!

    11 Mar 2010 6:28 PM

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  • Oliviaa-Rosee wrote:

    how wrong!!

    not only is this wrong but he also has 5 children that have grown up and watched him do this they are all grown up now but one is just 16!!!!! this is wrong and nasty but like rob said would you really trust this bloke? the answers no i believe!!!

    11 Mar 2010 12:15 PM

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  • Cherish wrote:

    My dad

    Kevin foster my dad got stiched up! His a innocent man! He made people happy he made people that are close to him happy,I shell say if you don't know my dad then don't say anything I'm only young and I know everything that has been said is lies ( most of it ) my dad will do his time and he will stay stronge and he has got loads of surpport his the best guy/dad ever! I think it's very sad that people get less for murder and all my dad do is try and make people happy all of the people that say bad things should not have got in to what was going on. People are only friendly when you have money and when you haven't they turn I know that because I was never well known where I walked and when money raised I had so many friends but then now I don't have any I think people should surrport my dad because he never took anyone life he just had money I think taking some ones life is for staying in how long they say his staying in for. If you don't like what I have put it's your choice but I love my dad and he made me the happest daughter in the world even if he didn't have money.

    10 Mar 2010 11:24 PM

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  • Jon wrote:

    How depressing

    Not only does robert say 'good luck' to a man who has stolen other people's money, but he then brackets this thief with 'all public sector workers' who make work 'out of nothing'. That means nurses, firemen, the police, teachers. Try to give it some thought before you press the submit button!

    10 Mar 2010 4:33 PM

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  • Rob Taylor wrote:

    Look at this man...

    Looking at this picture, would you really trust this man?

    He looks really dodgy! Would a man with £40 in his wallet (not forgetting a WH SMith gift card), more bling than Mr. T, sipping Appletiser and a face like Gollum make you think "There's a man who will get me rich!".

    10 Mar 2010 11:12 AM

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  • robert wrote:

    good luck to him


    so the banks can rob us and the goverment thats all ok. And all public sector workers making work out of nothing just to keep employed. I think fair play to him every one else is getting money for nothing

    10 Mar 2010 10:22 AM

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