Two suspects charged over £5 million gambling investment fraud in Folkestone

The gambling investment scam, based in Folkestone, is alleged to have defrauded victims out of more than £5 million. Credit: ITV Meridian

Two suspects 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.

Nathan Burgoyne and Paul Northcott are alleged to have persuaded at least 130 investors from both the UK and abroad to put money into a complex online betting process called Apex Algorithms.

It's claimed falsified information was used to advertise the scheme including inaccurate forecasts of potential and actual profits, and that victims also received false returns.

Kent and Essex Serious Crime Directorate say the alleged offences took place between July 2017 and May 2021.

Nathan Burgoyne, 33, from Wingham and Paul Northcott, 61, from Crystal Palace are due to appear in court in May. Credit: ITV Meridian

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

Nathan Burgoyne, 33, from Wingham, near Canterbury and Paul Northcott, 61, from Crystal Palace, London have both been charged with several offences.

  • conspiracy to defraud

  • fraud by false representation

  • carrying on business of a company with intent to defraud creditors for other fraudulent purpose

  • money laundering

Both men are bailed to appear before Maidstone Magistrates’ Court on 10 May 2024

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