A South London man has been charged in connection with an alleged £5 million gambling investment fraud based in Kent. The development after a lengthy investigation into Apex Algorithms has been announced by the police. Between July 2017 and May 2021, around 130 investors were allegedly persuaded to put their money by a company described as a ‘complex online betting process’.
Both Crystal Palace‘s Paul Northcott, 61, and Wingham, Kent’s Nathan Burgoyne, 33, were charged with conspiracy to defraud, fraud by false representation, and an offense of carrying on business of a company with intent to defraud creditors for other fraudulent purpose.
According to Kent and Essex Serious Crime Directorate, they are further charged with money laundering. Last April 10, Kent Police said detectives had been investigating claims falsified information was used to advertise the scheme. This includes inaccurate forecasts of potential and actual profits, and that victims also received false returns.
The force executed search warrants at locations in December 2020. It includes an office in Folkestone. Arrests were made.
On May 10, Mr Gurgoyne and Mr Northcott are bailed to appear before Maidstone Magistrates’ Court.
Undoubtedly, everyone seeking to invest desires a swift return. However, it’s common for organizations making such promises to ultimately reveal themselves as intricate fraudulent schemes.