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John Bailey, 45, from Waterloo, was sentenced Thursday to nine years after being found guilty in an elaborate £2m betting scam.
Bailey earned his nickname from a method he devised to con bookmakers out of vast fortunes over a decade ago via what local media coined a “betting slip sleight-of-hand”.
At the time, the bookmaking industry posted an emergency alert throughout the country that read: “The Pencil Man is on the Run”.
For six years, Bailey, had toured bookmakers exercising a talent for smooth talking and sleight of hand that is estimated to have netted him proceeds of more than £1m. He would essentially write up a series of scribbly phone wagers with a pencil while distracting staff.
He is now accused of using his “powers of persuasion” to encourage people to ‘invest’ in his alleged businesses then used the money to fund his gambling habit.
Experts reckon the fraudster could have netted up to £40,000 a week.
In sentencing Baily, Judge Thomas Teague describes a letter of remorse from Bailey as “humbug”.
“If you had really been sorry you would have pleaded guilty.”
Judge Teague says: “I don’t for one minute accept you intended to pay any winnings back to the victims.”
- Alistair Prescott, Gambling911.com
