Investment fraudsters from the UK have landed in court after defrauding dozens of victims out of £5.2 million. The duo operated between 2017 and 2021, taking money from investors to run a fraudulent betting operation.
Nathan Burgoyne, 33, and Paul Northcott, 61, told their victims that their money would go into a complex online betting process called Apex Algorithms. The idea was that the algorithm would allow the two men to place winning bets and multiply their customers’ investments.
At least 130 investors from the United Kingdom and beyond placed their trust in Burgoyne and Northcott’s scheme, supplying the two men with millions of pounds. However, it turned out that the duo wasn’t completely honest when it came to the scheme’s specifics.
An investigation later understood that the two men had been using falsified information to advertise their scheme. This included inaccurate forecasts of potential and actual profits and false returns.
According to the allegations, Burgoyne of Wingham and Northcott of Crystal Palace were guilty of conspiracy to defraud, fraud by false representation and carrying on business of a company with intent to defraud creditors. To top it off, the men were also charged with money laundering violations.
Burgoyne and Northcott were originally arrested in December 2020 after the execution of search warrants at a number of locations. The two men were charged in April, following a long investigation by local authorities.
According to the Kent Police, the investigation was carried out by the Kent and Essex Serious Crime Directorate. After getting charged in April, the two men were released on bail. They are yet to enter pleas.
Burgoyne and Northcott are Not the First to Run Such Scam
Elsewhere, a Hawaiian man from Kona defrauded 45 victims out of a total of $1.2 million to fuel his gambling addiction. The man created fake contracts and forged documents and told his victims that their money was used to develop an online business.
Speaking of gambling-related scams a man from Nebraska recently scammed a casino employee from South Dakota out of a whopping $350,000. The employee received a text from who appeared to be their boss, telling them to give the money to two men who were allegedly working for a legal firm that would have helped the casino avoid fines.
Authorities, however, were able to track the fraudster down. The man, who faces a maximum sentence of 15 years in prison and a fine of up to $30,000, pleaded not guilty to the charges.
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