Investors to get money back from celebrity-endorsed betting syndicate
8th August 2008Investors in 147 Racing Limited (147) and Top Bet Placement Services (TBPS), an unauthorised betting syndicate, will share GBP58,745.27 after the York Crown Court issued an order for monies to be recovered from Gary Woodward, a former director of 147. The money will be distributed by the Financial Services Authority (FSA) which gave back nearly GBP100,000 obtained through its own civil proceedings, in March this year.
In May, Mr Woodward was given a three year prison sentence for lying about the value of his assets to the FSA and for breaching a restraining order following successful action taken by the North Yorkshire Police.
Margaret Cole, FSA Director of Enforcement, said:
"Mr Woodward planned to get away with being dishonest but was caught. This judgement means that investors will get back a bit more of the money they lost. Our action and Mr Woodward's prison sentence should show that we will take seriously anything less than complete candour and openness in dealings with the FSA.
"Future and existing investors should always make sure that they deal with authorised companies so they are protected if things go wrong."
Investors will be contacted by the FSA shortly with details of the refund. Further information about the FSA's civil actions relating to the betting syndicate can be found on the FSA website:
