Briton jailed for six years for scamming thousands of punters
Date: 2024-09-26 Author: Robert Beloved Categories: EVENTS
A former police officer has been convicted of running an illegal betting scheme that defrauded more than six thousand people. The 68-year-old conman spent years embezzling money from his investors, using it to fund his own lavish lifestyle.
An attempt to start an honest business failed
Mike Stanley founded his company Layezy Racing in 2010, claiming to have developed a unique strategy for betting on horse racing. At first, the company did indeed operate legally, attracting investors who hoped for a quick profit. However, after a few years, his "formula" stopped bringing in the expected profits.
In 2013, Stanley began to cheat: instead of stopping operations, he began to issue false income reports. He convinced his investors that the business was still profitable, and continued to attract new participants. When investors demanded their money back, he used other investors’ funds to satisfy their demands.
Meanwhile, much of the money was used to support Stanley’s lavish lifestyle. He spent large sums on gambling, at one point losing over a million pounds in a single year.
The media soon became interested in the dubious nature of his business. After a series of investigative reports, Kent Police launched what would become one of their most complex investigations.
Six Years Behind Bars
Shortly after Stanley declared bankruptcy in 2019, police began looking into the details of his activities. Investigators discovered that most of the victims were acquaintances or close friends, which only added to the gravity of the crime.
Data analysis revealed that the stolen funds were used to buy luxury homes, cars and jewellery. Stanley's purchases included a £400,000 villa in Spain, 23 racehorses, £1.6 million in cryptocurrency investments and £622,000 in silver bullion.
The total damage was £44 million. In March, Stanley pleaded guilty and was sentenced to six years in prison.
Detective Sergeant Alec Wood of Kent Police said the investigation had shown how many people had suffered because of Stanley's false promises. He thanked everyone who had helped the investigation and hoped that this case would serve as a lesson to others.
"I hope this case sends a clear message to anyone who tries to achieve financial well-being by deceit: justice will be done," Wood added.
