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A professional gambler who ran a fraudulent betting syndicate has been jailed for tricking his members out of at least £44 million.
Mike Stanley was sentenced to six years’ imprisonment following one of the most complex investigations of its nature in the history of Kent Police. The 68-year-old from Chatham ran an elaborate Ponzi scheme whereby he convinced more than 6,000 gamblers that his formula for betting on the outcome of horse races would result in a higher percentage of positive outcomes.
In reality his Layezy Racing syndicate was failing but Stanley continued to falsely report that the scheme had made a profit. As such victims believed they had benefitted from successful bets when they were actually receiving money that other members had invested. It was later established that the syndicate’s level of success was never sufficient to support the withdrawals members were making or Stanley’s own extravagant lifestyle, and evidence showed that at one point he had lost over £1 million in gambling in a single year.
this investigation sends a clear message that anyone who seeks to lie and cheat their way to financial prosperity will be brought to justice
Stanley, of Resolution Road, Walderslade, filed for bankruptcy in January 2019 shortly after allegations about the legitimacy of the scheme were published in a national newspaper. A criminal investigation was launched and resulted in specialist Kent Police detectives analysing vast amounts of computer and financial data, and taking witness statements from a large number of affected clients. Some considered themselves friends of Stanley or had family ties with him, and many were so convinced by the apparent success of the scheme that they invested their savings, pensions, life insurance pay-outs and other finances that they could not afford to lose.
In the meantime Stanley was spending their money on 23 racehorses, a £400,000 property in Spain, several new vehicles and expensive jewellery, and he also bought £1.6 million of cryptocurrency and £622,000 worth of silver bullion. He was later charged with several fraud offences and pleaded guilty to all ahead of his sentencing at Maidstone Crown Court on Tuesday 24th September 2024.
In addition to the prison sentence Stanley was also made subject to a five-year Serious Crime Prevention Order and disqualified from being a company director for 15 years.
Detective Sergeant Alec Wood of Kent Police said ‘Mike Stanley started Layezy Racing in 2010 as a legitimate source of income for himself and those who paid into the scheme, but the financial evidence showed that from 2013 onwards he was criminally cheating people out of their hard-earned money in order to maintain his own lavish lifestyle. In many cases his victims have experienced a significant impact on their lives and financial futures as a result of Stanley’s false promises, and I would like to thank them for their assistance and patience with what was a significant case in terms of its scope, complexity and administration’.
The post Betting Syndicate Founder From Chatham Jailed For £44 Million Fraud appeared first on KentNews.Online.
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