Former UK Cop Admits Orchestrating £4M Betting Syndicate Ponzi
A Brits former constabulary ship's officer has pleaded shamed to 5 charges related to to the running of a “Ponzi scheme” horse-betting crime syndicate that defrauded investors of millions.
Michael Stanley, 67, was in one case a sergeant for Kent Police. But from 2012 to 2019, he operated the Layezy Racing Group, which promised investors freehanded returns thanks to his “winning betting system.”
Stanley marketed the crime syndicate as “virtually lay on the line free,” according to prosecutors. The Layezy Racing Group attracted around £44 zillion inwards investiture from thousands of people. An estimated £34 1000000 was paid dorsum to earliest investors inwards the manner of a Ponzi scheme. leaving a shortfall of nigh £10 million.
‘Holy Grail’
Stanley said his scheme mired egg laying horses to turn a loss via betting exchanges. In an email to a potency investor, he admitted to feeling “rather smug” because he knew he had “found a missing link, my holy grail, that is a winning system.”
“I have now worked come out that the definite way of life of thrashing the bookies is to turn one!” he added.
Layezy has highly-developed a method of betting with a small reward after transcription and analyzing thousands of races, and thither are special places uncommitted for unexampled members,” he lied inward another marketing email.
Stanley claimed that his system of rules gave him an 8.17% advantage inward the betting markets, adding that sports wagering companies the like William Hill, Ladbrokes, and Corals [sic] do work on an 8% margin.
“So if you need to cognize what you are investment in, envisage you are a major shareholder inward ane of them. That’s pretty exciting, isn’t it?” he asked.
Lousy Gambler
It is admittedly that a really tiny percent of gamblers could turn over a long-term turn a profit inwards the right smart Francis Edgar Stanley is describing. The job was, Stanley wasn’t single of them.
In fact, inward the last few years of the operation, he had granted up on laying bets completely, according to a 2019 Daily Mail investigation.
Stanley was arrested by his former colleagues at Rockwell Kent Police inwards August 2019. He was subsequently supercharged with deceitfully making off-key representations to members of the Layezy Racing Syndicate and quaternion counts knowingly running a stage business for a fraudulent purpose.
The ex-cop pleaded guilty to all quintuplet offences at a courtyard in Sevenoaks, Rockwell Kent on Thursday. He testament be sentenced at a later date.
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