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Professional gambler Mike Stanley has been jailed for six years after conning over 6,000 victims out of a staggering £44 million in a fraudulent betting syndicate.
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The 68-year-old mastermind from Chatham ran the notorious Layezy Racing Ponzi scheme, promising sky-high returns on horse race bets.
Stanley’s scheme, which started in 2010, lured in thousands with the promise of unbeatable betting success. But from 2013, it was all smoke and mirrors. He reported fake profits while the syndicate was actually sinking, using new investors’ money to pay off earlier ones.
While his victims were left penniless, Stanley lived it up and splurged it on 23 racehorses, a £400,000 Spanish villa, luxury cars, jewellery, £1.6 million in cryptocurrency, and £622,000 in silver bullion.
The house of cards collapsed in 2019 when a national newspaper exposed the scam and Stanley filed for bankruptcy, but it was too late. Kent Police launched a massive investigation, uncovering the full extent of his deceit.
At Maidstone Crown Court, Stanley pleaded guilty to multiple fraud charges.
Alongside his prison sentence, he’s been slapped with a five-year Serious Crime Prevention Order and banned from being a company director for 15 years.
Detective Sergeant Alec Wood of Kent Police said,
“Stanley cheated people out of their hard-earned money to fund his extravagant lifestyle. This case shows that crime doesn’t pay!”
Many of Stanley’s victims were friends or family, investing their life savings, pensions, and more, only to be left devastated by his betrayal.
Kent Police warning
Protect yourself against Ponzi schemes
• If you are considering any type of investment, always remember – if it seems too good to be true, then it probably is.
• There is no such thing as a ‘guaranteed risk-free’ investment. High returns can only be achieved with high risk.
• Fraudsters aim to make their businesses seem legitimate. This means they will often have impressive job titles, glossy brochures and mock websites and will organise meetings in expensive venues to look credible. If you have any suspicions about a scheme’s authenticity, investigate the company’s status and contact details.
• If you are not sure the company you are investing in is real, it could be a scam. Check the Financial Conduct Authority register before investing.
• Always ask simple questions about the company and the scheme. Be on high alert and, if they try to dodge questions, be more persistent. They should be prepared to tell you everything you want to know.
Visit the Action Fraud website for further advice.