All bets are off: Man who promised “foolproof” gambling scheme is hit with fraud charges

He allegedly promised investors the world with his “foolproof” gambling scheme, but now this one-time sports betting boss has to explain how it all went so wrong.

He allegedly promised investors the world with his “foolproof” gambling scheme, but now this one-time sports betting boss has to explain how it all went so wrong.

Handcuffed and flanked by police, Michael Charles Pryde, 32, gave a wry smile to photographers as he was walked through Sydney Airport after being extradited from Brisbane where he has been living since his alleged ponzi-style scheme unravelled earlier this year, and he was declared bankrupt.

Pryde was then taken to a police station where he was charged with 18 fraud and intimidation offences including dishonestly obtain financial advantage by deception, use false document to obtain financial advantage and threat or cause injury to prevent information to police.

Police allege Pryde’s sports betting ponzi-style scheme run by his company Simply The Bets defrauded his victims out of approximately $4 million.

Michael Pryde being extradited from Brisbane by NSW Police. Pryde’s sports betting ponzi-style scheme defrauded victims out of approximately $4 million. Picture Tertius Pickard

Authorities began probing Pryde’s business dealings earlier this year after several of his investors went to police.

Pryde allegedly used his private school connections to attract investors who he “guaranteed” returns from sports betting.

Among the alleged victims of his scheme are lawyers, doctors and housewives, police said.

Pryde promoted the business as “an honest sports betting system ... proud to guarantee results by using a tried and trusted algorithm system that really works”.

“I love that I can guarantee profits unlike many other sports betting systems,” his business website stated.

Michael Pryde. Picture Tertius Pickard

The Downing Centre Local Court was told that between August 2015 and March this year, at least 20 complainants deposited hundreds of thousands of dollars into Pryde’s business account.

Pryde’s lawyer John Sutton told the court that his client “genuinely believed” in his betting scheme.

Mr Sutton said this was “one scheme” in Pryde’s life which he “genuinely believed in” and it wasn’t made “to just deprive people”.

He said Pryde had recently moved to Queensland after he continued running into people in Sydney’s eastern suburbs who knew of his alleged scheme, so he moved away.

Magistrate Jennifer Atkinson granted strict bail, saying 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.