Ex-sergeant jailed over horse racing betting fraud

A erstwhile constabulary serviceman who defrauded thousands of group progressive pinch a equine racing betting syndicate has been described arsenic "a rat" by 1 of his victims.

Michael Stanley admitted misusing money from members of nan Layezy Racing Syndicate for respective years earlier his apprehension successful 2019.

Terry Wildey, a retired hairdresser from Kent, said he and his family had put £200,000 into nan strategy aft he encouraged his ain relatives to invest.

"He's a rat isn't he," he told he BBC, up of Stanley's sentencing astatine Maidstone Crown Court later.

"He consciously group that up pinch nan sole volition of taking people's money."

About £44m was paid into nan strategy and an estimated £34m was fixed backmost to members, leaving a £10m shortfall which remains unaccounted for.

The erstwhile Kent Police sergeant pleaded blameworthy to moving nan "Ponzi scheme" successful March.

The tribunal was told nan syndicate started retired pinch family and friends and grew to much than 6,000 members.

It had a waiting database of 3,000 group astatine nan clip it collapsed.

Mr Widley said he sewage family members progressive - including his children, his wife, his mother-in-law and his brother-in-law - because a financial inducement was offered to do so, whereby members sewage a percent of immoderate 'winnings' of nan group they referred.

“Initially [I put in] £1,000, conscionable to effort it out," he said.

"And past you get a portal and you tin watch your money grow. And I watched my money grow, and I thought ‘my money’s not increasing accelerated capable because it’s not large enough’, truthful I put much money in."

“I ever person doubts, pinch thing that looks for illustration it’s easy money.

“But I ne'er had immoderate doubts going into it because my friends had each made money. And I ever thought it was genuine.”

Det Sgt Alec Wood, caput of analyzable fraud astatine Kent Police’s economical crime unit, said the case was largest fraud nan unit had ever prosecuted.

Stanley, aged 67, near nan occupation much than 40 years ago, and Det Sgt Wood said his behaviour did not “reflect nan existent professionalism and dedication” of officers.

He said Stanley had made “various promises” privately and publically to members astir nan scheme’s success.

“Ultimately, erstwhile we looked astatine nan grounds this was manifestly mendacious and that was efficaciously nan fraud,” he added.

He described nan syndicate arsenic a “clear Ponzi scheme”, adding that successful 1 year, Stanley mislaid £1m pinch a betting company.

“The effect connected these victims has been utterly immense, galore person mislaid their pensions, their life savings, their aesculapian security payouts and they’re facing a very uncertain early arsenic a consequence of Mr Stanley’s dishonesty,” said Det Sgt Wood.