WIREDGOV

Investors in 147 Racing Limited (147) and Top Bet Placement Services (TBPS), an unauthorised betting syndicate, will share £58,745.27 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 £100,000 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:

• FSA V (1) Sean Fradley trading as Top Bet Placement Services (2) Gary Woodward
• FSA v Fradley & Woodward
• FSA brings curtain down on celebrity-endorsed betting syndicate

Notes for editors

1. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
2. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.