Michael Stanley
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About £44m was paid into the scheme and an estimated £34m was withdrawn by members, leaving a £10m shortfall which remains unaccounted for.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.
Stanley was sentenced at Maidstone Crown Court on Tuesday afternoon
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.