Michael Pryde of Simply the Bets Pty Ltd admits to deceiving 20 victims out of $1.2m

A Sydney bankrupt who made false claims about the success of his sports betting funds has admitted to deceiving 20 victims out of almost $1.2m.

Michael Pryde during extradition from Brisbane by NSW Police. Picture: Tertius Pickard

A Sydney bankrupt who made false claims about the success of his sports betting funds has admitted to deceiving 20 victims out of almost $1.2m.

Michael Charles Pryde pleaded guilty to dishonestly obtaining financial advantage by deception, and using a false document to obtain financial advantage at Downing Centre Local Court on Monday.

He subsequently had multiple fraud charges and an intimidation-type charge withdrawn by the prosecution.

Court documents reveal Pryde made false claims about the success and liquidity of his sports betting funds to 20 victims and dishonestly obtained a financial advantage, totalling $1,181,767, between August 10, 2018 to March 22, 2023.

Pryde also used a false Commonwealth Bank letter between June 24 and 27, 2022, “knowing” it was fake, showing his account had $2,620,803.12 with the intention to “induce some person to accept it as genuine” so he could delay or prevent $791,244.85 from being returned to one of the victims.

As previously reported by The Daily Telegraph, the victims deposited the money into either Pryde’s NBA/MLB, Horse Racing or PGA funds.

Michael Pryde leaving Downing Centre Local Court in January.

NSW Police established Strike Force Hand to investigate an alleged sports betting ponzi-style scheme and after extensive inquiries, Queensland Police officers arrested a 32-year-old man by virtue of an outstanding arrest warrant.

NSW detectives flew to Brisbane where he was extradited and taken to Mascot police station.

A court previously heard during Pryde’s bail application, he had moved to Brisbane because he continued to bump into people, when living in the eastern suburbs, who knew of the alleged scheme.

He was granted bail on a $50,000 surety where he must live in Newcastle.

The Daily Telegraph recently revealed Bruce Gleeson, who was appointed as trustee after Pryde was declared bankrupt, was investigating “approximately $5.5 million from investors to … [his] 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”.

When submitting the guilty pleas on behalf of Pryde on Monday, lawyer John Sutton asked Deputy Chief Magistrate Theo Tsavdaridis to order a sentencing assessment report before the matter was ultimately adjourned to May.