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Thousands fear money has gone after members of Layezy Racing syndicate are told group suddenly closed
- Members were told Duff and Phelps have been appointed to ‘process refunds’
- They poured money into syndicate, often borrowing against their properties
- Distraught member said: ‘We are now worried there could be a major shortfall’
Sportsmail Investigations Team
Insolvency experts have asked members of a gambling syndicate that suddenly closed last week to detail how much they invested, with thousands of people fearing they have lost their money.
Members of the Layezy Racing syndicate and racehorse owners group, which was run by ex-Kent Police officer Mike Stanley until last Friday, were informed earlier this week that financial advisers Duff and Phelps have been appointed to ‘process refunds to members’.
Members poured money into the syndicate, often borrowing against their properties or on credit cards, in the belief that Stanley’s system for placing bets was doubling and sometimes even trebling their investment.
Members of the Layezy Racing syndicate fear they may have lost huge sums of money
Some members claim to have as much as £500,000 in the scheme. The total amount invested is likely to amount to tens of millions.
‘It doesn’t look like we are going to get much of our money back,’ one distraught member told Sportsmail on Wednesday.
‘We can see that this firm in the City have worked as administrators and we are now worried there could be a major shortfall.’
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