A DATE has been set for the trial of three men who are accused of an investment fraud which allegedly targeted vulnerable victims.

Brothers Lee and Mark Chapman, from Merton, and Marc Payne from Swimbridge, North Devon, are accused of frauds which allegedly occurred over four years involving hundreds of thousands of pounds.

They appeared for the first time at Exeter Crown Court before Judge Francis Gilbert, QC, who set a provisional trial date in August and set a timetable for the exchange of evidence between prosecution and defence.

None of the defendants were required to enter any pleas and they spoke only to confirm their names.

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 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 £282,320.04p for himself.

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

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.