Suspects charged over £5million gambling investment fraud

Two men have been charged in connection with a gambling investment scam based in Folkestone which is alleged to have defrauded victims out of more than £5 million.

It is reported between July 2017 and May 2021, at least 130 investors from both the UK and abroad were persuaded to put money into a complex online betting process called Apex Algorithms.

Detectives have been investigating claims falsified information was used to advertise the scheme including inaccurate forecasts of potential and actual profits, and that victims also received false returns.

In December 2020, arrests were made after search warrants were executed at locations including an office premises in Folkestone.

Charged

Following a lengthy investigation by the Kent and Essex Serious Crime Directorate, Nathan Burgoyne and Paul Northcott have now both been charged with conspiracy to defraud, fraud by false representation, and an offence of carrying on business of a company with intent to defraud creditors for other fraudulent purpose. They are further charged with money laundering.

Mr Burgoyne, 33, from Wingham, near Canterbury and Mr Northcott, 61, from Crystal Palace, London are bailed to appear before Maidstone Magistrates’ Court on 10 May 2024