Michael Charles Pryde of Simply the Bets Pty Ltd extradited by NSW Police
Police have extradited Michael Pryde, who raked in more than $3.6m for a betting scheme he claimed couldn’t fail, to Sydney where he will face court on Friday on fraud and intimidation charges.
Police & Courts
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Police have extradited a Sydney bankrupt who persuaded eastern suburbs elites to park millions in a betting scheme he claimed couldn’t fail.
Michael Charles Pryde was escorted from Queensland to NSW on Thursday night and taken to Mascot Police Station where he was charged with fraud and intimidation offences.
He was refused bail to appear before Downing Centre Local Court on Friday.
Police will allege in court that Pryde’s sports betting ponzi-style scheme defrauded over 100 victims out of approximately $4 million.
“There are inherent risks with any type of gambling however people should be suspicious and steer away from any type of betting proposal where the returns appear unrealistic,” Commander of the Financial Crimes Squad Gordon Arbinja said on Friday.
Pryde, 32, who is the sole director and shareholder of Simply the Bets Pty Ltd, raised a small fortune through connections, including the St Joseph’s College Hunters Hill old boys network, by promoting “guaranteed” returns from sports punting.
Pryde claimed he had discovered patterns that took the emotion out of betting on pursuits ranging from golf to horse racing.
His specialties, he said, were wagers on baseball and basketball.
The Simply the Bets system was based on mathematical modelling, he said, and “foolproof”.
Pryde told investors he would do the betting — with their money — then take a 20 per cent cut of the earnings.
He said profits would “roll in. It’s that simple.”
However, the profits did not roll in.
It’s understood police will accuse Pryde of defrauding 23 victims of a combined $1.1 million.
However, it’s believed he pocketed a total of more than $4m from 113 people, including businessmen, tradies and housewives; not all are pressing charges.
Police are expected to allege Pryde sent fraudulent bank statements to lawyers for his victims that purported to show he had $2.6 million in his bank account when he only had $2000.
He will also be accused of making threats if the victims pressed ahead with action.
Pryde was declared bankrupt in March.
The bankruptcy trustee is Bruce Gleeson of Sydney’s Jones Partners, who on Thursday told The Daily Telegraph: “I was made aware by Mr Pryde’s lawyer earlier today that he had been arrested and was being extradited to NSW.”
“During the course of Mr Pryde’s bankruptcy we have been contacted by over 60 individuals who have claims totalling over $3.6m,” Mr Gleeson said.
A former Pryde client commenced civil proceedings in the NSW Supreme Court last year but it is not known if the action remains current.
Simply the Bets is still a registered company. It has one share, worth $1, belonging to Pryde.
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