Pyramid conman Kevin Foster found guilty of theft and deception
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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
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