By Sportsmail Investigations Team - Matt Lawton, Mike Keegan And Laura Lambert
Published: 22:30 GMT, 11 February 2019 | Updated: 23:55 GMT, 11 February 2019
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Members of a betting syndicate who appear to have lost tens of millions in savings believe they are the victims of a 'Ponzi' scheme set up by a former Kent police officer.
Mike Stanley, who closed his Layezy Racing betting syndicate and racing owners club this month, filed for bankruptcy on Monday in the latest devastating blow to investors.
Duff and Phelps, the insolvency experts appointed by the 62-year-old, said in a statement on Monday night: 'Following an analysis of the syndicate's financial position, Michael Stanley, the operator of the syndicate, has taken the decision to file for bankruptcy.
