sport news Bankrupt boss of Layezy Racing syndicate admits he owes £22m to thousands of ...

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Mike Stanley, whose betting syndicate Layezy Racing was closed down after a Sportsmail investigation, declared himself bankrupt owing £22million to syndicate members, it has emerged.

The former Kent Police officer told insolvency practitioners he had ‘computer problems’ and that the business had become too big to manage, with the membership having grown to 4,500 in the last year.

Mr Stanley told case officers that when he forgot to put on a bet he would input information on his computer, which would incorrectly show members their money was going up.

Sportsmail revealed earlier this year that thousands of hard-working individuals in Kent and Essex had invested their savings in the betting syndicate, which operated on a word-of-mouth basis and had a rewards

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