Michael Pryde and Simply the Bets Pty Ltd: bankruptcy trustee reveals how much money he’s found
It’s a number that will send chills through the eastern suburbs social set and old boys’ network – the amount of cash identified by the bankruptcy trustee of failed sports betting guru Michael Pryde.
NSW
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It’s the number that will send chills through the eastern suburbs social set and St Joseph’s College Hunters Hill old boys’ network – the piddling amount of cash identified by the bankruptcy trustee of failed sports betting guru Michael Pryde.
A fortnight ago NSW Police charged Pryde, 32, with 18 fraud and intimidation offences including dishonestly obtaining financial advantage by deception, using a false document to obtain financial advantage and threatening or causing injury to prevent information from being provided to police.
Pryde – who is the sole director and shareholder of Simply the Bets Pty Ltd – raised a small fortune through connections, including his alma mater and business acquaintances in Sydney’s east, by promoting guaranteed returns from sports punting.
He was declared bankrupt in March and Bruce Gleeson, principal of Jones Partners, was appointed trustee.
This week Mr Gleeson told The Daily Telegraph: “To date our investigations have centred around the tracing of approximately $5.5 million from investors to Mr Pryde’s company Simply the Bets Pty Ltd to his personal accounts during the period (from) mid 2018 to November 2022 and then how such monies were expended.”
That’s about $1.5m higher than the figure previously known.
“At this stage, our investigations are ongoing and have yet to be concluded,” Mr Gleeson said.
“At bankruptcy Mr Pryde did not have any significant assets, (such as) real estate interests, listed shares, ETF or managed funds portfolio or cryptocurrency based on our investigations so far.”
Mr Gleeson said the only money he has located is about $7000 in a PayPal account.
Under bail conditions imposed by Magistrate Jennifer Atkinson, Pryde must live at his father’s house in Newcastle and report to police once a week.
His father also provided a $50,000 surety. Pryde will return to court on December 8.
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