Pyramid fraudster guilty of deception
LLANELLI victims of a pyramid scheme described as "a cancer that affected the whole area" have welcomed the conviction of the conman behind the scam.
The get-rich-quick scheme that attracted £34 million across the UK by conning investors left many out of pocket. Its mastermind, former cab driver Kevin Foster, has now been found guilty of 14 counts of theft and deception.
Pyramid fraud victims Mavis Duggan (left) and Vera Green. PD100310D-01
After he set up KF Concept in 2001, roadshows were held at Llanelli's Diplomat Hotel, Stradey Park's Tetley Suite and Stebonheath football ground.
Vera Green, aged 81, of Tan y Bryn, a residential home complex in Burry Port, said she wanted to know where the money had gone. She said: "We are devastated we are not going to get our money back. But we are glad he has been found guilty."
Mavis Duggan, also of Tan y Bryn, said: "I am pleased he is going to jail. A lot of people at the residential home put a lot of money in."
Foster, aged 51, bought a £600,000 farm in Kent, spent more than £700,000 on cars and withdrew almost £3 million in cash.
Queen Victoria Road resident Ron Cant said the town was a hotbed for investors.
"It was a cancer that affected the whole area," he said. "Members of my family were involved."
After a seven-week trial at Harrow Crown Court, a jury found Foster 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 purchase properties and cars, and service his debts.
The case has been adjourned to April 16 for pre-sentence and psychiatric reports. Foster has been remanded in custody.
Carmarthenshire Council Trading Standards manager Roger Edmunds said: "Carmarthenshire Trading Standards is pleased to learn of the conviction of Kevin Foster. We hope that local potential investors heeded our warnings of December 2003 and August 2005 not to join the get-rich-quick gambling syndicate."
Anyone with concerns should contact Carmarthenshire County Council Trading Standards on 01267 234567.