Michael Stanley, a 68-year-old former Kent Police officer from Walderslade, has been sentenced to six years in prison for orchestrating a fraudulent horse racing betting scheme. The prosecution revealed that between 2013 and February 2019, Stanley operated under the guise of the “Layezy Racing Syndicate,” misleading over 6,000 gamblers into believing his betting formula would yield high success rates.
Despite the Layezy Racing Syndicate failing, Stanley continued to falsely report profits, convincing victims they were making successful bets. In reality, payouts were funded by the investments of other members, leading to a massive financial loss for many. Stanley misappropriated millions from the syndicate, using the money to purchase 23 racehorses, a villa and apartment in Spain for £400,000, new vehicles, expensive jewelry, and investing £1.6 million in cryptocurrency and £622,000 in silver bullion.
After allegations of fraud surfaced in a national newspaper, Stanley filed for bankruptcy in January 2019, prompting a criminal investigation by Kent Police. Detectives analyzed financial records and gathered witness statements from victims. One heartbreaking victim impact statement detailed how a woman, who joined the syndicate following her husband’s death, lost £115,000 she invested to support her three young children.
In court, Stanley described how the venture began as “a bit of fun” among friends and family but became overwhelming, particularly following his wife’s cancer diagnosis in 2014. He indicated that grief and pressure contributed to his fraudulent actions.