Caged fraudster loses his appeal

A caged businessman has lost a conviction appeal for swindling almost £250,000 from pals.

Stewart Kennedy, 52, had a freedom bid rejected for conning a teacher, hairdresser and cancer doctor.

The crook promised them huge returns for investing in his debt restructuring company.

He was caged for four years after using their cash to fund a jet-set lifestyle.

The High Court turfed out his pleas for early release this week.

A source close to the case said last night : “Kennedy tried everything to get out of this one.

“From claiming innocence, getting associates to give evidence in his defence and trying to bribe the court by saying he could hand over £50,000 if spared prison.

“Once inside he tried to get his sentence reduced and his conviction overturned but he’s finally hit a brick wall.”

Kennedy duped 15 victims through a pyramid scheme.

He claimed his Cost Reduction Services ( CRS) firm helped clients reduce their outgoings by restructuring debts.

He sold franchises for £15,000 each between April 2010 and August 2011.

Kennedy then used investors’ cash to holiday around the world.

A former teacher, a joiner, a mechanic and a pub owner were among those ripped off.

Plumber Stuart Caldwell lost £32,000 in the scheme.

He confronted Kennedy at his upmarket home in Quarrier’s Village and was battered with a baseball bat.

Kennedy claimed he had done nothing wrong during his trial at Paisley Sheriff Court last year.

He said: “I believe I was grossly underpaid based on the hours I put in and the effort.

“The last time I looked, I don’t believe it’s a crime to go on holiday.”

The fraudster begged to be kept out of jail and insisted he had £50,000 stashed.

He offered to pay the losses back within three years.

But Sheriff Seith Ireland sent Kennedy down in January.

He said: “The evidence showed funds taken as part of this fraud were used to fund your quite luxurious lifestyle.”