Connect with us

Hi, what are you looking for?

News

Former Police Officer Confesses to Defrauding Members of Horse Racing Betting Syndicate

Credits: Daily Mail

A former police officer, Michael Stanley, has admitted to defrauding members of a horse racing betting syndicate, Layezy Racing group, in a “massive fraud” that operated as a “fraudulent Ponzi scheme.”

The 67-year-old, previously a sergeant with Kent Police, pleaded guilty to five offenses, including making false representations to syndicate members and running a business for a fraudulent purpose.

Prosecutor Amanda Burrows described how Stanley’s scheme misled members, who believed their funds were being used for collective gambling.

In reality, Stanley was operating a Ponzi scheme. Around £44 million was paid into the scheme, but only approximately £34 million was paid back out, leaving a shortfall of about £10 million.

Former Police Officer (Credits: BBC)

The scheme initially involved family and friends but grew to include over 6,000 members, with a waiting list of 3,000 people when it collapsed.

Stanley falsely claimed to be successful in gambling on horses but “lied” about his actual success to members. He admitted to making false representations about the available funds for withdrawal and the source of reported fund increases.

He also pleaded guilty to misusing money for personal gain and to fund withdrawals, including profits to which members were not entitled, through various companies associated with the scheme.

The case highlights the devastating impact of financial fraud and the importance of transparency and accountability, especially in investment schemes. Stanley is set to be sentenced at Maidstone Crown Court later.

That was a detailed overview of the case. Unfortunately, schemes like this can cause so much harm to individuals and erode trust in financial systems. Is there anything specific you’re curious about regarding this story?

Click to comment
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

We’re dedicated to providing you the most authenticated news. We’re working to turn our passion for the political industry into a booming online news portal.

You May Also Like

News

In the fiscal year 2022-23, Pakistan’s National Electric Power Regulatory Authority (NEPRA) granted a total of 1,596 net-metering licenses nationwide, collectively amounting to 221.05...

News

Spoilers! The demon Akaza from Kimetsu no Yaiba dies in the eleventh arc of the manga and the one responsible for his death is...

Entertainment

Actress Emma D’Arcy is from the British rebellion. She has only appeared in a small number of movies and TV shows. It might be...

Entertainment

Jennifer Coolidge Is Pregnant: Jennifer Coolidge Audrey Coolidge is a comedian and actress from the United States. Many of her followers are wondering if...