Former UK Cop Admits Orchestrating £4M Betting Syndicate Ponzi

Posted on: March 8, 2024, 03:50h. 

Final up to date on: March 8, 2024, 03:50h.

A British former police officer has pleaded responsible to 5 costs associated to the operating of a “Ponzi scheme” horse-betting syndicate that defrauded traders of thousands and thousands.

Michael Stanley, Layezy Racing, Kent Police
Michael Stanley, above, arriving at a courtroom in Sevenoaks, England, to plead responsible to a “huge fraud.” This concerned convincing traders in his betting syndicate he might win them straightforward cash by betting on horses to lose. (Picture: Press Affiliation)

Michael Stanley, 67, was as soon as a sergeant for Kent Police. However from 2012 to 2019, he operated the Layezy Racing Group, which promised traders large returns due to his “successful betting system.”

Stanley marketed the syndicate as “just about danger free,” in keeping with prosecutors. The Layezy Racing Group attracted round £44 million in funding from hundreds of individuals. An estimated £34 million was paid again to earlier traders within the method of a Ponzi scheme. leaving a shortfall of about £10 million.

‘Holy Grail’

Stanley mentioned his system concerned laying horses to lose by way of betting exchanges. In an electronic mail to a possible investor, he admitted to feeling “slightly smug” as a result of he knew he had “discovered a lacking hyperlink, my holy grail, that may be a successful system.”

“I’ve now labored out that the particular means of beating the bookies is to turn out to be one!” he added.

Layezy has developed a way of betting with a small benefit after recording and analyzing hundreds of races, and there are restricted locations accessible for brand spanking new members,” he lied in one other advertising electronic mail.

Stanley claimed that his system gave him an 8.17% benefit within the betting markets, including that sports activities wagering corporations like William Hill, Ladbrokes, and Corals [sic] work on an 8% margin.

“So if you wish to know what you’re investing in, think about you’re a main shareholder in certainly one of them. That’s fairly thrilling, isn’t it?” he requested.

Awful Gambler

It’s true {that a} very tiny share of gamblers might flip a long-term revenue in the best way Stanley is describing. The issue was, Stanley wasn’t certainly one of them.

In actual fact, in the previous couple of years of the operation, he had given up on laying bets utterly, in keeping with a 2019 Every day Mail investigation.

Stanley was arrested by his former colleagues at Kent Police in August 2019. He was subsequently charged with dishonestly making false representations to members of the Layezy Racing Syndicate and 4 counts knowingly operating a enterprise for a fraudulent objective.

The ex-cop pleaded responsible to all 5 offences at a courtroom in Sevenoaks, Kent on Thursday. He might be sentenced at a later date.

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