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Ex-sergeant jailed over horse racing betting fraud.
A former police officer who funded his lavish lifestyle by duping thousands of people involved with a horse racing betting syndicate has been jailed.
Michael Stanley admitted misusing money from members of the Layezy Racing Syndicate for several years before his arrest in 2019.
Terry Wildey, a retired hairdresser from Kent, said he and his family had put £200,000 into the scheme after he encouraged his own relatives to invest.
"He's a rat isn't he," he told the BBC, after Stanley was sentenced to six years' imprisonment at Maidstone Crown Court.
"He consciously set that up with the sole intention of taking people's money."
About £44m was paid into the scheme and an estimated £34m was given back to members, leaving a £10m shortfall which remains unaccounted for.
One victim lost nearly £500,000, the court heard.
The former Kent Police sergeant, 68, pleaded guilty to running the "Ponzi scheme" in March.
The court was told the syndicate started out with family and friends and grew to more than 6,000 members, and had a waiting list of 3,000 people at the time it collapsed.
It also heard that Stanley, from Walderslade, used £4m on personal spending, including to buy himself a £400,000 property in Spain, Land Rover vehicles amounting to more than £600,000 and 23 race horses.
He also bought £1.6m in cryptocurrency and £622,000 worth of silver bullion.
The judge told Stanley: "Your conduct was not reckless, but deliberate, sustained and repeated. When people gambled with you, they did not know the true odds. They were told lies."
Stanley, who gained the trust of members thanks to his background as a police officer, was also banned from being a director of a company for 15 years.
He will serve half of his sentence in custody, and the rest on licence, while a five-year Serious Crime Prevention Order will start on the day he is released from prison.
https://www.bbc.co.uk/news/articles/cpqz7e0j3z7o
Michael Stanley admitted misusing money from members of the Layezy Racing Syndicate for several years before his arrest in 2019.
Terry Wildey, a retired hairdresser from Kent, said he and his family had put £200,000 into the scheme after he encouraged his own relatives to invest.
"He's a rat isn't he," he told the BBC, after Stanley was sentenced to six years' imprisonment at Maidstone Crown Court.
"He consciously set that up with the sole intention of taking people's money."
About £44m was paid into the scheme and an estimated £34m was given back to members, leaving a £10m shortfall which remains unaccounted for.
One victim lost nearly £500,000, the court heard.
The former Kent Police sergeant, 68, pleaded guilty to running the "Ponzi scheme" in March.
The court was told the syndicate started out with family and friends and grew to more than 6,000 members, and had a waiting list of 3,000 people at the time it collapsed.
It also heard that Stanley, from Walderslade, used £4m on personal spending, including to buy himself a £400,000 property in Spain, Land Rover vehicles amounting to more than £600,000 and 23 race horses.
He also bought £1.6m in cryptocurrency and £622,000 worth of silver bullion.
The judge told Stanley: "Your conduct was not reckless, but deliberate, sustained and repeated. When people gambled with you, they did not know the true odds. They were told lies."
Stanley, who gained the trust of members thanks to his background as a police officer, was also banned from being a director of a company for 15 years.
He will serve half of his sentence in custody, and the rest on licence, while a five-year Serious Crime Prevention Order will start on the day he is released from prison.
https://www.bbc.co.uk/news/articles/cpqz7e0j3z7o