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. 

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 former Kent police officer Mike Stanley

‘The Bankruptcy Order was made earlier today and we are liaising with the Official Receiver regarding the next steps. We have advised the Insolvency Service of the urgency of the situation, so the process of agreeing investor claims and ultimately distributing funds to investors can start as soon as possible. We are unable to discuss potential returns to investors yet.’

Sportsmail revealed last month that millions being paid into the syndicate was being spent on buying horses by Stanley rather than to place bets. 

The 5,000 members of the syndicate have been told to contact Duff and Phelps with details of how much they invested. 

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

In some cases, people put in more than £500,000 in the belief Stanley’s system for placing bets was doubling and sometimes even trebling their investments.

Now members fear most of their money has been lost in what, they say, Duff and Phelps have told them was a ‘Ponzi’ scheme — one which pays profits to earlier investors with funds obtained from more recent investors.

One Layezy member, who is believed to be among those who have invested vast sums in the syndicate, said Duff and Phelps had told him that, while calculations are still being made, the shortfall could be as much as £70million.

England are in a commanding position as Joe Root hit a century on day three of the third Test. 

Joe Denly also hit his maiden fifty as England reached 325 for four as they look to salvage some pride against the West Indies in St Lucia. 

Here, Sportsmail’s David Lloyd offers his latest musings and his assessment as England enjoyed a good day in the Caribbean.

England captain Joe Root (right) celebrates his century with Ben Stokes (left) on day three

REMEMBER THE NAME

I’m having an identity crisis here in beautiful St Lucia. I’ve been stopped twice at the ground and asked for selfies and have been happy to oblige. 

Both times we’ve had a bit of a chat about the game before both said ‘thanks Geoffrey.’ Then a woman asked what I did at the cricket. 

When I told her I commentated for Sky and gave her my name she said she was a subscriber but had never heard of me. I’m making an impact…. 

SPEED DEMON WOOD

All the talk here is still about Mark Wood’s scintillating bowling on Sunday. He bowled like the wind! 

I asked Joe Root where he was stood at first slip and it was 26 metres back. I stood there and it was brilliant. The ground is like an inverted saucer and I was looking up to the pitch, as Root had done. 

Ian Bishop is a phlegmatic soul but his eyes lit up when he talked about it and with a smile said ‘it’s like the old days.’ 

Mark Wood bowled like the wind on Sunday and showed us we need to give pace a chance

GIVE PACE A CHANCE

There’s no doubt Wood’s pace was right up there with the fastest we have seen. Jeff Thomson was the quickest I ever faced but the fastest I’ve seen from the safety of the sidelines was Devon Malcolm. 

He was absolutely rapid against Australia in 1993. Pace gets everybody talking. It’s exciting. 

If Wood can stay fit and firing it won’t just be great for him but Jimmy Anderson and Stuart Broad too. It will lengthen their careers…. 

BATH TIME, ATHERS

St Lucia is one of the prettiest venues on the circuit, both the island and the Daren Sammy Stadium. 

I recommend a trip to the Pitons, the twin mountains in the south where you can get a mud-bath. 

I thought about sending Mike Atherton down there. He could do with any sort of bath…. 

St Lucia is one of the prettiest venues on the circuit – the island and the Daren Sammy Stadium

CHARLIE’S CHEERFUL AGENDA

Word has reached me that my great friend and colleague Charles ‘Charlie’ Sale has retired after his legendary stint at the helm of Sports Agenda.. 

Many congratulations and all the very best to Charlie’s successor Laura Williamson and I hope she brings the same good cheer and conviviality to press boxes around the world that Charlie has provided over the last 20 years…. 

CRUELLEST CUT FOR JOE 

So near for Joe Denly. He was tight in defence and his movement at the crease was good. 

His attacking shots were eye-catching but it’s apparent now you have to be careful on these pitches with the cut. You can’t trust the bounce and the ball is going under the bat. It led to an innocuous under-edge and Joe was done by the pitch. 

He sat outside the dressing room for ages afterwards and you could see him agonising…. 

So near for Joe Denly. He was tight in defence and his movement at the crease was good

ROOT’S JUST WARMING UP

Signs Joe Root is back to his best and that leads us to that old chestnut preparation. I understand why they don’t have meaningful warm-up games and matches between Tests on tour these days because they don’t have time but a premier batsman like Root has taken three Tests to find his feet here and that in a nutshell is why so many Test series are won by the home side all over the world. 

Keaton Jennings’ dismissal on Monday was incredibly unlucky but it has worked in the selectors’ favour because if he’d got a score they would have been in a quandary with regards to the Ashes.

Jennings is struggling on the drive against pitched-up, seam bowling. So, unless he completely remodels his game, I’d be very surprised to see him walking out to bat against Australia in August. 

The decision he has to make is whether he wants to be a county player or have another go at international cricket.

Keaton Jennings has to change his ways otherwise it’s all over at international level

He’s looked vulnerable around his off-stump time after time, replicating the pattern of several of the top-three batsmen England have tried over recent years — think Gary Ballance, Tom Westley and James Vince.

So, what is he going to do about it? He’s only got six weeks to address it because, once the county season starts in April, he will be playing on nibbling pitches that will expose his issues — and because he has played at the highest level, everyone knows exactly where to bowl at him.

Players like Ballance have gone back to their counties denying the need for change and have come back to the international game with the same issues. Jennings must decide if he needs to change the way he plays for the sake of his career.

They say the definition of madness is to keep doing the same thing expecting a different result and it would be mad of him to think he can return for England without tinkering. 

Jennings’ dismissal for England was incredibly unlucky as he was bowled out by Alzarri Joseph

Graham Gooch, one of the greatest players England has produced, kept getting out lbw to Terry Alderman in the 1989 Ashes by going back and across. 

After that, Graham decided he had to change and that he must stay leg-side of the ball to take that dismissal out of the equation. He worked for hours in the nets at Essex, drilling his foot movements.

When Duncan Fletcher was in charge of England, he organised a coaches’ chat at which he asked, ‘What is the biggest problem you have with your players?’

They said it was a lack of time to work with them. Players were re-hashing bad habits.

A golfer might take a month off to work on their swing. Cricketers don’t have that kind of period available to dismantle their game, other than in windows at the start and end of a season.

You can tell Jennings is a lad who has been drilled on a lot of throw-down and bowling-machine work with his father Ray, the former South Africa coach. He’s a very robotic player and he lacks a break of the wrist. There is no hit through extra cover, no flat-bat, which is unusual for a left-hander.

Some of the balls that should have been going in those areas, he has been trying to strike from an upright position through mid-off. David Gower would have been hitting the same balls a lot squarer.

The 26-year-old is struggling on the drive against pitched-up, seam bowling 

Jennings might need to develop a wider stance, so he has a lower base. He might need to get a bit quicker on his feet.

Right now, it seems ridiculous to suggest Jennings could re-emerge at the highest level. But of course he can. This is a guy who scored a Test hundred at the start of the winter, albeit in his favoured spinning conditions in Sri Lanka.

Mark Butcher underwent the kind of major overhaul Jennings requires, working alongside his old man Alan for three months, and came back a better player.

Jennings needs to look at footage and assess how he can transfer his weight into shots. A good way to do that is to speak to left-handed coaches. He should chat to Marcus Trescothick. Tres didn’t move his feet much but he was always leaning into the ball when it was pitched up.

Then, when national selector Ed Smith and his merry men are watching him score lots of runs for Lancashire down the line, as I expect he will, they can judge how effectively he has addressed the failings that have dogged him.