The BeWise Trader scam was launched in 2015. The company is now out of business, but we keep our review as a record of future scam attempts by the same people:
GooBets recently changed name as they came under heavy fraud allegations in Brazil (GooBets ended up in the news in Brazil). BeWise Trader is the same people and business model, possibly also the same company. GooBets launched November 2014, the company claimed to have some kind of insurance to protect investors deposits and returns, and promised sky high risk free returns from the sport betting market (which is now what BeWise Trader is promising).
The CEO of the company is Miguel Carvalho (Portugal) and their marketing director is Augusto Queiroz (Brazil), which is associated with several scams and not only the BeWise Trader scam. It is claimed that Miguel Carvalho is a professional sports betting trader, returning as much as 100 to 200% per month. They have managed to fool people into believing this using other well know traders in connection to Miguel Carvalho. This is the power of the internet, make a lie come true using some close to real facts and people.
To make the business seem legit they have set up a UK Ltd company, where shareholder and directors are nominee, so no one know who is behind. Their operations is run out of Portugal. Several people have visited their offices and can confirm that 40 or so people work their doing sports betting. Not sure why you would need anyone to do this, Miguel Carvalho can easily place the bets, you can manage billions being one person today, so it’s kind of amazing that people gets impressed by 40 people…. Keep in mind that Bernard Madoff had lots of people working for him, he did not invest any money, they were just there to fool banks and investors. This is how fraudsters operate.
Is this a Ponzi?
Its actually very easy to prove – do you send all your money to this company, and they post your returns to your back office – then it is a Ponzi. Do you fund you own betting account with a licensed sports betting company, you can see every trade and withdraw your money at any time, then it is not a Ponzi. If you are already involved in the BeWise Trader scam, ask them to bet on your personal account with a sports betting company, they would never do this as they have no idea what to do.
Some people claim that it has to be for real, as they are able to withdraw their winnings. Of course they can withdraw their winnings, it is how a Ponzi work! Make people believe it’s true by paying out some money, people get greedy and put in more money, and when the scammers are satisfied they take the money and run.