This article is from the source 'bbc' and was first published or seen on . The next check for changes will be
You can find the current article at its original source at https://www.bbc.com/news/articles/cpqz7e0j3z7o
The article has changed 9 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Ex-sergeant jailed over horse racing betting fraud | |
| (31 minutes later) | |
| Stanley admitted dishonestly making false representations to members of the Layezy Racing Syndicate | Stanley admitted dishonestly making false representations to members of the Layezy Racing Syndicate |
| Stanley admitted dishonestly making false representations to members of the Layezy Racing Syndicate | Stanley admitted dishonestly making false representations to members of the Layezy Racing Syndicate |
| Published24 September 2024, 15:54 BST | |
| A former police officer who funded his lavish lifestyle by duping thousands of people involved with a horse racing betting syndicate has been jailed. | |
| Michael Stanley admitted misusing money from members of the Layezy Racing Syndicate for several years before his arrest in 2019. | Michael Stanley admitted misusing money from members of the Layezy Racing Syndicate for several years before his arrest in 2019. |
| Terry Wildey, a retired hairdresser from Kent, said he and his family had put £200,000 into the scheme after he encouraged his own relatives to invest. | Terry Wildey, a retired hairdresser from Kent, said he and his family had put £200,000 into the scheme after he encouraged his own relatives to invest. |
| "He's a rat isn't he," he told the BBC, after Stanley was sentenced to six years' imprisonment at Maidstone Crown Court. | |
| "He consciously set that up with the sole intention of taking people's money." | "He consciously set that up with the sole intention of taking people's money." |
| About £44m was paid into the scheme and an estimated £34m was given back to members, leaving a £10m shortfall which remains unaccounted for. | About £44m was paid into the scheme and an estimated £34m was given back to members, leaving a £10m shortfall which remains unaccounted for. |
| One victim lost nearly £500,000, the court heard. | |
| The former Kent Police sergeant, 68, pleaded guilty to running the "Ponzi scheme" in March. | |
| Stanley was sentenced at Maidstone Crown Court on Tuesday afternoon | |
| Stanley was sentenced at Maidstone Crown Court on Tuesday afternoon | |
| The court was told the syndicate started out with family and friends and grew to more than 6,000 members, and had a waiting list of 3,000 people at the time it collapsed. | |
| It also heard that Stanley, from Walderslade, used some of the money to buy himself a £400,000 property in Spain, jewellery and 23 race horses. | |
| He also bought £1.6m in cryptocurrency and £622,000 worth of silver bullion. | |
| The judge told Stanley: "Your conduct was not reckless, but deliberate, sustained and repeated. When people gambled with you, they did not know the true odds. They were told lies." | |
| Stanley, who gained the trust of members thanks to his background as a police officer, was also banned from being a director of a company for 15 years. | |
| Mr Wildey said he got family members involved - including his children, his wife, his mother-in-law and his brother-in-law - because a financial incentive was offered to do so, whereby members got a percentage of any 'winnings' of the people they referred. | |
| “Initially [I put in] £1,000, just to try it out," he said. | “Initially [I put in] £1,000, just to try it out," he said. |
| "And then you get a portal and you can watch your money grow. And I watched my money grow, and I thought ‘my money’s not growing fast enough because it’s not big enough’, so I put more money in." | "And then you get a portal and you can watch your money grow. And I watched my money grow, and I thought ‘my money’s not growing fast enough because it’s not big enough’, so I put more money in." |
| “I always have doubts, with anything that looks like it’s easy money. | “I always have doubts, with anything that looks like it’s easy money. |
| “But I never had any doubts going into it because my friends had all made money. And I always thought it was genuine.” | “But I never had any doubts going into it because my friends had all made money. And I always thought it was genuine.” |
| Mr Wildey said the long wait to join the scheme made it seem like an "exclusive club" | |
| Mr Wildey said the long wait to join the scheme made it seem like an "exclusive club" | |
| Det Sgt Alec Wood, head of complex fraud at Kent Police’s economic crime unit, said the case was largest fraud the force had ever prosecuted. | Det Sgt Alec Wood, head of complex fraud at Kent Police’s economic crime unit, said the case was largest fraud the force had ever prosecuted. |
| Stanley left the profession more than 40 years ago, and Det Sgt Wood said his behaviour did not “reflect the current professionalism and dedication” of officers. | |
| He said Stanley had made “various promises” privately and publicly to members about the scheme’s success. | He said Stanley had made “various promises” privately and publicly to members about the scheme’s success. |
| “Ultimately, when we looked at the evidence this was manifestly false and that was effectively the fraud,” he added. | “Ultimately, when we looked at the evidence this was manifestly false and that was effectively the fraud,” he added. |
| He described the syndicate as a “clear Ponzi scheme”, adding that in one year, Stanley lost £1m with a betting company. | He described the syndicate as a “clear Ponzi scheme”, adding that in one year, Stanley lost £1m with a betting company. |
| “The impact on these victims has been utterly immense, many have lost their pensions, their life savings, their medical insurance payouts and they’re facing a very uncertain future as a result of Mr Stanley’s dishonesty,” said Det Sgt Wood. | “The impact on these victims has been utterly immense, many have lost their pensions, their life savings, their medical insurance payouts and they’re facing a very uncertain future as a result of Mr Stanley’s dishonesty,” said Det Sgt Wood. |
| Angela Elven said Stanley had impacted "so many people's lives" | |
| Angela Elven said Stanley had impacted "so many people's lives" | |
| Angela Elven, who invested about £5,000 in the scheme, told the BBC that while members of the syndicate took “a gamble”, they believed Stanley because “he seemed like a very genuine person”. | |
| “He’s affected so many people’s lives, so he should pay for what he’s done,” she said. | |
| Ms Elven, whose daughter also invested in the scheme, said she had not yet been able to retrieve her investment. | |
| “We haven’t got lots of money. I know that there’s lots of people that have put an awful lot more than we have in, but it’s a lot of money to us,” she said. | |
| Follow BBC Kent on Facebook, external, on X, external, and on Instagram, external. Send your story ideas to southeasttoday@bbc.co.uk, external or WhatsApp us on 08081 002250. | Follow BBC Kent on Facebook, external, on X, external, and on Instagram, external. Send your story ideas to southeasttoday@bbc.co.uk, external or WhatsApp us on 08081 002250. |
| Related topics | Related topics |
| Sevenoaks | Sevenoaks |
| Kent Police | Kent Police |