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    Former Policeman Founded a Betting Syndicate, Charged With Fraud
Former Policeman Founded a Betting Syndicate, Charged With Fraud

Former Policeman Founded a Betting Syndicate, Charged With Fraud

Former Kent Police sergeant, Michael Stanley, has been charged with defrauding investors in his racing and betting syndicate, Layezy Racing. The charges, consisting of five counts of fraud, are related to the alleged misuse of clients' money between 2013 and 2019.

Stanley, aged 67, initially established Layezy Racing as a hobby in 2010, with support from family and friends. The syndicate experienced significant growth from 2012 onwards, ultimately attracting around 6,000 members who invested in racehorse shares and sought betting advice. Layezy Racing had horses in training with renowned specialists such as John Best, Amy Murphy, Rebecca Menzies, and Ivan Furtado.

Image Source: Midjourney

Unfortunately, Stanley’s syndicate collapsed in early 2019 following newspaper allegations concerning the management of the company. As a result of the company's financial troubles, Layezy Racing filed for bankruptcy in January 2019, citing debts of £22 million. A subsequent high court hearing in September 2020 revealed that creditors were owed a staggering sum of £158.7 million. It was alleged that Stanley had operated a Ponzi scheme, using funds from new subscribers to pay out existing members.

Image Source: Midjourney

On Tuesday, Kent Police released a statement, announcing the charges brought against Stanley. He is accused of making false representations to Layezy Racing members and knowingly running a business for fraudulent purposes. In one case, he is alleged to have violated the Fraud Act, and in three cases — contrary to the Companies Act. The alleged fraudulent activities occurred between 2013 and 2019.

Stanley was arrested in August 2019. Since then an extensive investigation has been conducted by detectives from the Kent and Essex serious crime directorate. Now the former policeman is finally being charged. Stanley has been released on bail and is expected to appear at Sevenoaks Magistrates' Court on Thursday, March 7.

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