Ponzi fraudster jailed for 10 years
Convicted ponzi scheme fraudster Kevin Foster has been jailed for 10 years for running an unauthorised investment business and for stealing investors' funds through his £34m KF Concept
Mr Foster, who devised and ran a wholly dishonest scheme that during its operation attracted £34m from investors over about a three-year period, was found guilty at Harrow Crown Court on 9 March 2010.
He has since been held in custody for sentencing in relation to six counts under the Theft Act 1968 and eight counts under the Financial Services and Markets Act 2000 (FSMA).
The loss to investors is accepted to be more than £17m.
Mr Foster's methods of promoting his scheme were notable in that he staged lively roadshows around the country, many of them in South Wales.
The Serious Fraud Office (SFO) also revealed there was a first trial in which the initial judge stayed the FSMA counts.
However, the SFO successfully appealed and a retrial proceeded under a different judge.
Mr Foster was charged in May 2007 following an investigation by the SFO with the assistance of Kent Police into the KF Concept and related schemes.
Cumulatively the defendant has been sentenced to a total of ten years.
His Honour Judge Nick Madge described the fraud as being "a substantial and deliberate course of conduct that was sophisticated and elaborate".