Ex-police conman sentenced to prison for multi-million pound betting syndicate fraud

Most of my career has been spent in teaching, including at some of the UK's leading private schools. I left London in 2000 to make a home in Wales and raise my four beautiful children. I studied photography and film at university, earning a degree and then a master's degree. In 2014, I helped launch a new local newspaper, successfully publishing a front page, back page and six pages of filler every week. I saw journalism changing and pioneered hyper-local news in Wales. In 2017, we launched Wales' first free, independent, 24/7 news site. Having successfully built this as a business model, I was eager for a new challenge. Joining the company is exciting for me, especially in a new role in Europe. I want to establish myself and help others do the same.

Last updated 2 Oct 2024 00:53

Former police officer Michael Stanley sentenced to prison for ВЈ44 million Ponzi-style betting syndicate fraud (C: Kent Police)

A former Kent police officer has been sentenced to six years in prison for defrauding thousands of people out of ВЈ44 million in a Ponzi-style betting syndicate fraud.

Michael Stanley, 67, from Chatham, pleaded guilty to several counts of fraud and was sentenced at Maidstone Crown Court on Friday 30 September. In addition to the prison sentence, Stanley was disqualified from acting as a company director for 15 years and the court imposed a Serious Crime Prevention Order.

Former police officer committed fraud over many years

Evidence presented by the prosecution highlighted that Stanley committed the fraud between 2013 and February 2019 using the name "Lazy Racing Syndicate". The scheme was extremely popular, attracting over 6, 000 members who invested their funds in what they believed to be a mass gambling scheme controlled by Stanley.

Stanley deceived members, including friends and family, by lying about the success of the program and falsely inflating the value of their investments while only paying money to the original members. He also paid money from the scheme into his own accounts to which he was not entitled.

An investigation by Kent Police revealed that members had invested at least ВЈ44. 2 million in the syndicate. It is estimated that the syndicate made a combined net loss of at least ВЈ10. 5 million.

Detective Alec Wood, Director of Kent Police's Financial Criminal Division, said that the case was the largest in the scams charged by the police.

Wood said Stanley's acts did not reflect the current professionalism and dedication.

The plan was destined to go bankrupt

Stanley, a police officer in the 1980s, was sentenced to bankruptcy in 2019. He has at least 4 million pounds, with 23 racehorses, Spain villas and apartments, new car land rollers, 15, 000 pounds private plates, expensive jewelry, etc. I used the funds illegally.

Rachel Baber, the Crown Prosecutor's Bureau, says: Michael Stanley boasts that it has gained enormous profits from Senjikates, but seems to be "virtually harmless" to members who do not know. He worked for a large scam.

In fact, Stanley's gambling loss far exceeded profits, and this plan was destined to break down someday.

Baber added: "When such a situation occurs in 2019, the members who have been beaten have no hands or feet, for weddings, pension funds, medical care, and other purposes. The money I thought I had invested legally has disappeared.

"Stanley has completely betrayed the trust that investors will manage funds wisely." We are happy to be able to secure justice for these victims.

Introducing the author

Alain Evans News writer

Most of my career has been spent in teaching, including at some of the UK's leading private schools. I left London in 2000 to make a home in Wales and raise my four beautiful children. I studied photography and film at university, earning a degree and then a master's degree. In 2014, I helped launch a new local newspaper, successfully publishing a front page, back page and six pages of filler every week. I saw journalism changing and pioneered hyper-local news in Wales. In 2017, we launched Wales' first free, independent, 24/7 news site. Having successfully built this as a business model, I was eager for a new challenge. Joining the company is exciting for me, especially in a new role in Europe. I want to establish myself and help others do the same.