Betting syndicate founder jailed for six years for fraud
Over 6,000 members had joined the group.
Last updated 24th Sep 2024
An ex police Sargent from Kent has been sentenced to 6 years in prison for defrauding members of a horse racing betting syndicate.
Micheal Stanley from Walderslade ran Layezy racing group between 2014 and 2019.
He misused members money, losing 10 million pounds.
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.
‘I hope the outcome of this investigation sends a clear message that anyone who seeks to lie and cheat their way to financial prosperity will be brought to justice.’