The victims were persuaded to invest in a complex online betting scheme called Apex Algorithms. Both men, aged 33 and 61, face multiple charges, including conspiracy to defraud, fraud by false representation, and running a business with the intent to defraud creditors. They were also charged with money laundering offences.
During their appearance at Maidstone Magistrate’s Court, they did not enter pleas. The court heard that between 120 and 140 investors from the UK and abroad were misled into funding the scheme, which was marketed with falsified information, including inaccurate profit forecasts. Many victims reportedly received false returns on their investments.
Burgoyne and Northcott were initially arrested in December 2020, following search warrants executed at various locations, including an office in Folkestone. After a lengthy investigation by the Kent and Essex Serious Crime Directorate, the duo was charged in April.
Both appeared in court via video link, and their cases have been sent to Maidstone Crown Court, with a preliminary hearing scheduled for next month. They have been granted bail until then.