aA WEST Devon man has appeared in court in connection with an alleged four-year-long fraud which the prosecution claims netted hundreds of thousands of pounds from vulnerable victims.

Lee Chapman, 49, from Merton, appeared before Exeter Magistrates last Friday, along with Mark Chapman, 51, from Twyford in Reading but who also gave an address in Merton; and Marc Payne, 43, from Higher Hearson at Swimbridge in North Devon. They face a total of 20 charges under the Fraud Act and Financial Services and Markets Act. 

Lee Chapman is accused of three counts of fraud by false representation between January 2007 and December 2011. He dishonestly stated that investments made from three women were to be used for business purposes but were intended to make a financial gain for himself.

 He also faces three charges of carrying on a regulated activity providing investment advice when not an authorised or exempt person between the same dates.

He faces a seventh charge of fraud by abuse of position in that at Reading, jointly with Mark Chapman, he acted against the financial interests of eight different people, and abused his position as a company director to make a gain of £282,320.04 for himself.

Mark Chapman also faces a further five other charges under the Fraud Act in Reading and another count of obtain a money transfer by deception between 2006-2007 in Reading in the sum of £135,097.48.

Marc Payne faces two counts of fraud by abuse of position between May 2008 and August 2012 in Barnstaple where he was a regulated financial advisor who abused that position against the financial interests of named people, to make a monetary gain for himself.

Payne also faces four more counts of carrying on a regulated activity when not an authorised or exempt person at various addresses in Devon between 2008 and 2012.

Exeter magistrates sent all three men to Exeter Crown Court for a hearing in the New Year. They were bailed.