UK Citizen Sentenced to Six Years in Prison for Scamming Thousands of Gamblers

Kent Police launched a criminal investigation into Stanley’s syndicate shortly after he filed for bankruptcy in 2019.

A former police officer has been sentenced to prison for orchestrating an illegal betting scheme that defrauded thousands. The 68-year-old used his victims’ money to fund a lavish lifestyle over several years.

Stanley’s Scheme Began as an Honest Business Mike Stanley, 68, was convicted of running a fraudulent operation that deceived over 6,000 gamblers. He founded Layezy Racing in 2010 as a legitimate business, claiming to have a betting strategy for horse races that attracted investors hoping for high returns.

However, by 2013, when the strategy failed to deliver expected profits, Stanley resorted to fraud. He continued to take investors’ money, using it to fund his luxurious lifestyle while falsely reporting profits to his clients. When people requested their money back, he would repay them with funds from other participants in the scheme.

Meanwhile, Stanley spent vast amounts on his own gambling habits, at one point losing more than £1 million in a single year. He also used the ill-gotten funds to purchase luxury items, including a £400,000 property in Spain, expensive cars, jewelry, and racehorses, and made significant investments in cryptocurrency and silver bullion.

Stanley’s fraudulent activities came under scrutiny when the Daily Mail raised questions about the legitimacy of his betting scheme. Subsequently, Kent Police conducted a detailed investigation, uncovering that many of his victims were friends, acquaintances, or individuals from his social circle.

Stanley Sentenced to Six Years in Prison After a thorough analysis of his records, police revealed that Stanley had defrauded his victims of a total of £44 million. In March, he pleaded guilty to multiple charges and has now been sentenced to six years in prison.

Detective Sergeant Alec Wood of Kent Police stated that Stanley’s fraud had severely impacted hundreds of people who trusted his false promises. Wood expressed gratitude to the victims for their cooperation during the investigation, hoping the case sends a strong message about the consequences of financial deceit.

Earlier this month, authorities also jailed a Halfords manager who embezzled $120,000 through a complex coupon inflation scheme.