By Hayley Robinson

A high-living fraudster who conned investors out of millions of pounds, has been jailed for 10 years.

Kevin Foster, 52, was convicted of unauthorised investment activity, of deliberately concealing facts from investors and stealing investors’ funds after he headed a £34m pyramid scheme and used the proceeds to fund a high lifestyle – buying luxury cars and spending £600,000 on a plush farm house in Seed Road, Doddington.

During a seven-week trial at Harrow Crown Court, jurors heard how Foster defrauded more than 8,000 investors by promising very high returns through his various schemes collectively called KF Concept.

Little of those funds were used to make money for his investors, although millions were poured into an offshore pyramid scheme. Foster also paid himself and his close associates substantial incomes and used KF Concept money to maintain a luxury lifestyle for his family.

He bought Wellwood Farm for more than £600,000 and fitted it with a swimming pool, hot tub and koi carp breeding pools.

He also spent more than £700,000 on motor vehicles, bought other properties, paid off substantial personal judgements debts, serviced mortgages and credit cards and withdrew almost £3 million in cash during the course of the schemes.

He promoted and expanded membership by holding road shows at hotels and conference facilities across the country.

The highlight of each event was that participants had the possibility of their name being pulled out of a hat and having their money paid out early or doubled, winning a gift such as a car or the loan of a Ferrari Spyder, with Foster paying out money gratuitously to ‘deserving’ cases.

The payouts were designed to promote confidence that the scheme was viable and believing the schemes must work, participants then went on to encourage family and friends to invest.

His Honour Judge Nick Madge described the fraud as being a substantial and deliberate course of conduct that was sophisticated and elaborate.

Foster is now bankrupt.

Any individual who believes he/she is a creditor of Kevin Foster and his schemes should contact the bankruptcy trustee to register their interest. Mr Nedim Ailyan of Abbott Fielding at Nexus House, 16 Hatherley Road, Sidcup, Kent DA14 4BG