61-year-old charged with £5m online betting scam

A SOUTH London man has been charged in connection with an alleged £5million gambling investment scam based in Kent.

Police announced the development after a lengthy investigation into Apex Algorithms, a company described as a ‘complex online betting process’ where around 130 investors were allegedly persuaded to put their money between July 2017 and May 2021.

Paul Northcott, 61, from Crystal Palace, and Nathan Burgoyne, 33, from Wingham, Kent, were both 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, according to Kent and Essex Serious Crime Directorate.

On Tuesday, April 10, Kent Police said detectives had 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, the force executed search warrants at locations, including an office in Folkestone, and arrests were made.

Mr Burgoyne and Mr Northcott are bailed to appear before Maidstone Magistrates’ Court on May 10, 2024.