Fraudster to be sentenced for £34m pyramid scam

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The Independent Online

A convicted fraudster who tricked £34m out of his victims is expected to receive a lengthy jail term when he is sentenced on Friday.

Kevin Foster, 51, was remanded in custody last month after being found guilty of duping more than 8,000 investors through a number of investment scams.

He is believed to have put investors' cash into an elaborate offshore pyramid scheme, while he also funded what was described by the Serious Fraud Office as an "extravagant lifestyle".

His excesses were detailed in a seven- week trial at Harrow and Wealdstone Crown Court, where he will be sentenced.

Foster spent over £700,000 on cars and bought a £600,000 farm in Kent, lavishly fitting it with a swimming pool, hot tub, exotic animals and Koi carp breeding pools.

He is said to have boasted that for every £1 invested he made more than £28.

Financial Services Authority investigators ended the activities of Foster in 2004 but it took six years to bring him to justice. In January, he was found guilty on 14 counts, including six of theft.

A source close to the case said: "This was a big one. Sentencing will give Foster's victims the justice they deserve."

Foster's wife, Elaine, launched an incredible outburst, last week, saying: "We're the real victims. The small amount of investors who aren't happy should stop grumbling. Kevin never forced them to hand money over."