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| Ex-Kent Police officer Michael Stanley jailed over betting fraud | |
| (5 months 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 |
| A former police officer who funded his lavish lifestyle by duping thousands of people involved with a horse racing betting syndicate has been jailed. | 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'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| About £44m was paid into the scheme and an estimated £34m was withdrawn by members, leaving a £10m shortfall which remains unaccounted for. | About £44m was paid into the scheme and an estimated £34m was withdrawn by members, leaving a £10m shortfall which remains unaccounted for. |
| One victim lost nearly £500,000, the court heard. | One victim lost nearly £500,000, the court heard. |
| The former Kent Police sergeant, 68, pleaded guilty to running the "Ponzi scheme" in March. | 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. | 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 £4m on personal spending, including to buy himself a £400,000 property in Spain, Land Rover vehicles amounting to more than £600,000 and 23 race horses. | It also heard that Stanley, from Walderslade, used £4m on personal spending, including to buy himself a £400,000 property in Spain, Land Rover vehicles amounting to more than £600,000 and 23 race horses. |
| He also bought £1.6m in cryptocurrency and £622,000 worth of silver bullion. | 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." | 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. | 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. |
| He will serve half of his sentence in custody, and the rest on licence, while a five-year Serious Crime Prevention Order will start on the day he is released from prison. | He will serve half of his sentence in custody, and the rest on licence, while a five-year Serious Crime Prevention Order will start on the day he is released from prison. |
| 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" |
| 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. | 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." |
| Stanley admitted to five offences at Sevenoaks Magistrates' Court in March | Stanley admitted to five offences at Sevenoaks Magistrates' Court in March |
| 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. | 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. |
| 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”. | 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. | “He’s affected so many people’s lives, so he should pay for what he’s done,” she said. |
| In a victim statement read out in court, another member told of how he joined to fund a safe environment for his son, who has Down's Syndrome, as he got older. | In a victim statement read out in court, another member told of how he joined to fund a safe environment for his son, who has Down's Syndrome, as he got older. |
| He described the "deep, sick gut feeling" he had realising they had likely "lost all our money, all our plans, hopes and dreams gone". | He described the "deep, sick gut feeling" he had realising they had likely "lost all our money, all our plans, hopes and dreams gone". |
| Defending himself, Stanley said as the scheme grew he was overwhelmed by the workload in the face of his wife's cancer diagnosis in 2014. | Defending himself, Stanley said as the scheme grew he was overwhelmed by the workload in the face of his wife's cancer diagnosis in 2014. |
| "I am very sorry for the hurt I’ve caused members and my own family, I cannot understand how I let it happen apart from my own fear of discovery," he said. | "I am very sorry for the hurt I’ve caused members and my own family, I cannot understand how I let it happen apart from my own fear of discovery," he said. |
| He was arrested in August 2019 and charged with dishonestly making false representations to members of the syndicate. | He was arrested in August 2019 and charged with dishonestly making false representations to members of the syndicate. |
| He was accused of knowingly running a business for a fraudulent purpose contrary to the Fraud Act 2006. | He was accused of knowingly running a business for a fraudulent purpose contrary to the Fraud Act 2006. |
| And he was also charged with three counts of knowingly running a business for a fraudulent purpose contrary to the Companies Act 2006. | And he was also charged with three counts of knowingly running a business for a fraudulent purpose contrary to the Companies Act 2006. |
| The three counts related to the running of Layezy Ltd, Layezy Racing Ltd and Number 1 Guide Ltd. | The three counts related to the running of Layezy Ltd, Layezy Racing Ltd and Number 1 Guide Ltd. |
| Stanley pleaded guilty to all five offences. | Stanley pleaded guilty to all five offences. |
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