Belgian National Sentenced to Prison after Defrauding Investors in a $5M Ponzi Scheme

SALT LAKE CITY, Utah - A Belgian national in the United States operated a $5 million Ponzi scheme over the course of five years was sentenced today to 60 months' imprisonment.

Kenny Dirk Van Der Spek, 36, who was living in South Jordan, Utah, pleaded guilty to securities fraud, wire fraud and money laundering in May 2025, after he defrauded approximately 75 investors, and used at least $3 million on real estate, a personal chef, a new 2022 Chevrolet Corvette, online gambling and more.

In addition to Van Der Spek's term of imprisonment, a U.S. District Court Judge sentenced him to three years' supervised release and ordered he pay full restitution in the amount of $4,107,282.97 to the victims. He also was ordered to comply with the forfeiture of real property in Martinsville, Virginia and Spanish Fork, Utah. See prior press release: Belgium National and Utah Business Owner Charged After Allegedly Running a $5M Ponzi Scheme

According to court documents and admissions made at Van Der Spek's change of plea and sentencing hearings, Van Der Spek was the owner and manager of K & K Strategies, LLC, which he marketed as a "hedge fund." Between December 2017 to November 2023, Van Der Spek, convinced investors to invest in his company by making false promises and misrepresentations about investor funds. Van Der Spek, who was not licensed to sell securities, told investors K & K Strategies was legally operating a hedge fund and that he was licensed to do so. He represented to investors that their investments with K & K Strategies were succeeding, showing them fabricated financial records, when in reality, investors were suffering losses. He also displayed a "live stream" of trades on K&K Strategies' website so that investors could "watch [their] money grow."

As part of Van Der Spek's criminal conduct, Van Der Spek promoted K & K as a "mom and pop hedge fund," accepting investments as low as $500 and specifically targeting "smaller investors" - Investors who had little or no safety net beyond their slowly and meticulously accumulated savings. To those targets, Van Der Spek stated that he wanted to "help people who didn't have much money."

"This was not a crime of opportunity. Van Der Spek specifically planned and targeted vulnerable investors and caused substantial financial hardships for victims in Utah and other states," said Acting U.S. Attorney Felice John Viti of the District of Utah. "Stealing hard earned money from our citizens is a serious offense, and it will not be tolerated in the District of Utah. We will continue to prosecute and seek justice for victims who suffer from these types of crimes."

"Van Der Spek's 'mom and pop hedge fund' had a devastating financial impact on hardworking Utahns, exploiting them for personal gain and taking millions to support his lavish lifestyle," said Robert Cummings, Director of the Utah Division of Securities. The Division received complaints about Van Der Spek, which led to an investigation into his fraudulent activities and ultimately resulted in his arrest and conviction. "We are grateful to Utah's law enforcement, the Financial Crime Task Force, the FBI, and the Department of Justice for their diligent work in apprehending Mr. Van Der Spek and holding him accountable. We encourage everyone to visit securities.utah.gov to verify the proper license of anyone providing investment advice before investing their money."

"Like many fraudsters, Mr. Van Der Spek was motivated by greed, spending his victims' money on luxuries for himself," said Special Agent in Charge Robert Bohls of the Salt Lake City FBI. "Most of the victims in this case didn't have the money to lose, resulting in financial and emotional devastation that will cause lasting harm. The FBI and our partners continue to seek accountability for those who exploit others for financial gain."

"Mr. Van Der Spek chose to live a life of fraud built on the backs of hardworking Americans," said IRS-CI Acting Special Agent in Charge, Jarom Gregory of the Phoenix field office. "He deliberately targeted his investment scheme to prey upon those who had the least to give and the most to lose. IRS-CI employs some of the world's best financial investigators and working together on a team with our law enforcement partners we have been able to bring some measure of justice for the people victimized by Mr. Van Der Spek."

The case was investigated by the Utah Division of Securities, FBI Salt Lake City Field Office, and Internal Revenue Service - Criminal Investigation (IRS-CI) Phoenix Field Office.

Special Assistant United States Attorney Sachiko J. Jepson and Assistant United States Attorney Mark Y. Hirata, of the U.S. Attorney's Office for the District of Utah prosecuted the case.