BeWise Trader Review: GooBets Ponzi scheme rebooted
There is no information on the BeWise Trader website indicating who owns or runs the business.
The BeWise Trader website domain (“bewisetrader.com”) was registered on the 24th of April 2015, however the domain registration is set to private.
An address in London is given on the BeWise Trader website, however this is just virtual office space (a mailing address) owned by Regus.
One thing I noticed in researching BeWise Trader is that a number of affiliates mention it was formerly known as GooBets:
GooBets was run by Miguel Carvalho and Augusto Queiroz (a former investor in the Brazilian Ponzi scheme MultiClick), with a search revealing Carvalho is involved in BeWise Trader:
GooBets was a Ponzi scheme launched earlier this year, promising investors weekly ROIs of up to 31% on investments of up to $1350.
The scheme appears to have collapsed sometime after launch, with the GooBets website offline at the time of publication.
With Carvalho confirmed to be involved in BeWise Trader, it would indeed appear to be a relaunch of GooBets.
Read on for a full review of the BeWise Trader MLM business opportunity.
The BeWise Trader Product Line
BeWise Trader has no retailable products or services, with affiliates only able to market affiliate membership with the company itself ($50).
Once signed up, BeWise Trader affiliates can then invest sums of up to $13,000.
The BeWise Trader Compensation Plan
The BeWise Trader compensation plan sees affiliates invest between $260 to $1300, on the promise of advertised weekly ROIs:
- Bronze ($260) – up to $17.55 a week
- Silver ($520) – up to $36.40 a week
- Gold ($780) – up to $56.55 a week
- Diamond ($1300) – up to $100.75 a week
- Diamondx10 ($13,000) – up to $1007.50 a week
Referral commissions are paid on funds invested by recruited affiliates, paid out down ten levels of recruitment:
- level 1 (personally recruited affiliates) – 5%
- levels 2 to 10 – 0.22%
Residual Commissions
Residual commissions in BeWise Trader are paid out via a binary compensation structure.
A binary compensation structure places an affiliate at the top of two positions, which form the start of two binary sides (left and right):
Investment volume is tracked between the two binary sides, with commissions paid out via points.
Each investment by an affiliate in a binary team generates points as follows:
- Bronze – 50 points
- Silver – 100 points
- Gold – 150 points
- Diamond – 250 points
- Diamondx10 – 2500 points
At the end of each day points generated in both binary teams are tallied up, with an affiliate paid 50% of the point balance of their weaker binary team (the side that generated less points).
For the purpose of residual commission calculation, 1 binary point is equal to $1 (with affiliates paid 50% of the weaker binary side balance).
BeWise Trader affiliates are capped earnings wise through the binary, with how much they can earn determined by how much they themselves invested:
- Bronze – $1000 a day
- Silver – $3000 a day
- Gold – $5000 a day
- Diamond and Diamondx10 – $15,000 a day
Monthly fees charged to all BeWise Trader affiliates are also paid out via the binary, via the following point allocations:
- Bronze ($9.90 a month) – 1 point
- Silver ($19.90 a month)- 2 points
- Gold ($29.90 a month) – 3 points
- Diamond ($49.90 a month) – 5 points
- Diamondx10 ($499 a month) – 50 points
Again an affiliate is paid 50% of the balance of their weaker binary side, with 1 point equal to $1.
Green Diamond Bonus
The Green Diamond Bonus pool is made up of 2% of funds invested and fees paid by BeWise Trader affiliates each month.
Affiliates can qualify for a share in the Green Diamond Bonus pool by personally recruiting at least 10 affiliates who invest at the Diamond or Diamondx10 level.
Five of these recruited affiliates must be on either side of the recruiting affiliate’s binary team.
Note that the above qualification requirements must be achieved within 60 days of a BeWise Trader affiliate signing up.
Black Diamond Bonus
The Black Diamond Bonus pool is made up of 1% of funds invested and fees paid by BeWise Trader affiliates each month.
Affiliates can qualify for a share in the Black Diamond Bonus Pool each month by having both binary teams generate at least 3000 points each, for 20 days in the month (days do not have to be consecutive).
Career Rewards
BeWise Trader affiliates are rewarded for encouraging recruited affiliates to invest, with the following bonuses based on binary point accumulation by an affiliate’s weaker side:
- 30,000 points = a Mont Blanc pen
- 150,000 points = a Rolex watch
- 500,000 points = “dream holiday with companion”
- 1,000,000 points = Jaguar XF car
- 2,000,000 points = Maserati Gran Turismo car
Joining BeWise Trader
Affiliate memberhip with BeWise Trader is $50.
Note that affiliates must also invest between $260 to $13,000 in order to participate in the BeWise Trader income opportunity.
An ongoing $9.90 to $499 monthly fee is also charged, with the specific amount charged determined by how much a BeWise Trader affiliate invests.
Conclusion
Like GooBets before it, BeWise Trader has Ponzi fraud written all over it.
You’ve basically got the same investment-based compensation plan (albeit with slightly adjust dollar amounts), hiding behind a sports betting ruse.
No doubt some token amount of betting takes place, but by and large all BeWise Trader are doing is shuffling newly invested funds to pay off existing investors.
Augusto Queiroz is well-versed in Ponzi fraud through MultiClick, with Miguel Carvalho providing just enough sports betting babble to suck in the uninformed. Upon closer inspection however, it’s blatantly obvious that sports betting could not possibly fund the ROIs, binary commissions and bonuses BeWise Trader’s promise their investors.
Two major tells reveal the Ponzi fraud taking place, the first being that sports betting does not provide a consistent ROI – yet that’s exactly what BeWise Trader offer investors.
The second is that if Miguel Carvalho was the successful trader he’s presented as, then he wouldn’t need your money to invest.
He’d instead take out a personal loan and be on his way to riches in no time.
As with GooBets one can assume BeWise Traders will also collapse once it’s clear new affiliate investment has dried up.
Whether or not Carvalho and Queiroz will then launch a third scam remains to be seen.
Meanwhile BeWise Trader affiliate presentations mention that the scheme is being run out of Portugal, which makes sense considering the number of Ponzi investment scams we’ve seen originate out of there following TelexFree.
As they say: Fool me once, shame on you. Fool me twice…
So are you saying that they are not using the funds for sports trading at all and that they are taking funds in to pay out new investors like a ponzi?
Not all of it.
If sports trading paid out the advertised ROIS, what on Earth would they need your money for?
A few of my friends flew to Portugal last week to visit their offices and spent the day with Miguel the main trader and saw evidence of the trades incl him making $80,000 in 3 days.
I know people who follow his tips and he has a 75% strike rate. Their business activities are provable unlike Rev Star Global or Banners Broker which could not prove their activities.
So why does he need their money then?
Your friends were bamboozled.
Let me ask you a question oz. Why do hedgefunds or Forex investment funds need investors money if they are making significant returns already?
1] hedge funds dont pay recruitment commissions.
2] hedge funds dont have any promised ROI. sometimes they bring good returns sometimes they dont.
3] hedge funds EARN revenue by Actually Investing in the stock market.
4] hedge funds dont pay out early investors from new investor funds. all payouts come from rise in the monetary value of the stocks they invest in.
5] if you want to compare ‘bewise trader’ to a hedge fund PROVE every penny invested is used in sports betting and SHOW the tabulated earnings result from this betting activity.
BTW why did goobets collapse if the owners had such huge ROI’s on their betting?
You’re comparing apples and oranges. From Investopedia:
And hedge funds never PROMISE profits. Promising weekly profit/return is a hallmark of HYIP, i.e. Ponzi schemes.
Hedgefunds typically charge 1-4% management fee, and up to 20% performance fee on the Assets Management part of the business.
Why do you ask about that?
You should normally have established some type of logical connection between BeWiseTrader and hedgefunds first before asking that question. The question didn’t make much sense.
Sportsbetting isn’t about a type investment but rather about a type of gambling. So BewiseTrader will obviously not need external investments for the same reasons as hedgefunds need it.
BeWiseTrader pays out referral commissions and bonuses. The external investments are partly needed to pay out those. That’s one of the reasons for why BeWiseTrader will need external investors.
That part isn’t connected to any “profit source” but rather to the invested amount / monthly fee. It seems to be the primary part of the business, while sportsbetting only seems to have a secondary function.
So the answer is that hedgefunds will need external investors for a different reason than BeWiseTrader. BeWiseTrader seems to need investments from new investors to be able to pay out “profit” to the old ones.
Alexa rank for BeWiseTrader.com
It looks exactly like a type of “reboot” of a failed program, with investors “here and there” in many different countries. The rank was too low to get any meaningful results.
One of the primary marketing channels seems to be “hyipforum.pl”.
The name-change may be related to other changes, e.g. withdrawal fees seem to have been adjusted down from 5% to 2.99%, monthly fees have been adjusted down, etc.
And it’s probably easier to market “Be Wise Trader” than “Goo Bets”. 🙂
I looked at two marketing videos, and the sportsbetting component was hardly mentioned in any of them. BeWiseTrader could easily work without that component, or it could easily have been replaced by “profit from a penny auction”, “growing value of tokens” or any other Ponzi idea.
The name-change GooBets → BeWiseTrader seems to be related to negative attention from TV-channel RTP1 / “Sexta9”, in early April 2015.
Source in Portuguese / video in Portuguese:
noticias-mmn.com/programa-sobre-a-suposta-fraude-goobets-na-tv/
I only had a quick look at the source (“MLM noticias”) and the video. I only tried to establish the main reason for the change of name.
The source was found when I tried to search for “Miguel Carvalho GetEasy” or “Miguel Carvalho TelexFree” (probably the first one).
Then you should probably let those friends post here?
You won’t be able to add anything meaningful other than that “a few of your friends” have seen something.
What type of proof?
When you claim a business model is “provable”, then you should normally be able to explain how it can be proved.
Show me one that promises the same rate of return as BeWise Trader, as well as recruitment commissions.
But no, I’m sure there’s nothing suss going on here.
(Ozedit: Time to start providing references for your bogus claims. Comments with pie in the sky percentages and no references will be marked as spam.)
hedge funds etc need more investors to GROW their business, ie earn more profits and climb up over competitors. like a shop can grow into a larger store and then a retail chain and then go multinational etc. that’s business ambition.
a small hedge fund can be profitable with a small number of investors, if the trades work. the small hedge fund will not collapse due to their clientele being small. they will Fail Only If Their Trades Fail.
some hedge funds may remain small and profitable for the length of their life, and some may become market leaders like pershing square or icahn enterprises.
hedge funds etc are NOT a one way street to wealth, they are risky and you may win or lose. for example pershing square a hedge fund market leader showed these results:
so, you need to get rid of your unfounded notion that hedge funds etc make consistent high ROI’s, and hence should not require more clientele.
goobets or bewise trader are ponzi schemes. if there are no new investors they Fail.
challenge: stop all recruitment to bewise trader for six months, or even three months, and come back and share your ROI’s, ok? i cant wait to see proof of consistently high ROI’s for eternity! i would personally make the whole world invest every penny into sports trading!
prove to us that all revenue in bewise traders is being generated from sports betting and i will apologize, ok?
put your money where your mouth is, ok?
why did goobets fail?
You’re probably talking about some fraudulent investments there. They need money from new investors to pay old ones, to keep the scheme alive.
I answered the question when I mentioned Assets Management = investing money for other investors, while earning management fee and performance fee.
No. That’s the type of “investments” you will find in MoneyMakerGroup.com forum threads, TalkGold forum threads and general HYIP forum threads.
“Saw him place his trades on a private forum for members”. What exactly was he betting on there?
You probably saw someone displaying some numbers on a screen, presented as “winnings”. But that doesn’t mean there was any money involved. I’m pretty sure you didn’t see any monetary transactions there.
In sports betting, if you bet more money the odds will go down and the bets will become less profitable. But the risk of losing a bet will remain the same. A sole better should normally have better profitability than a group of 100 betters betting 100 times the amount.
(Ozedit: Offtopic derail attempt removed)
Why did goobets fail?? Well actually it didnt fail. There was a change in management and Miguel could not work with some of the directors anymore so he and some of the directors he got on well with decided to leave and form Be Wise Trader.
Those who bought packs before this happened got them transferred and are still earning off them
Hey and thanks again for finally answering my question. Yes the more money you have, the more money you can make. So thats why they have created such a scheme.
(Ozedit: Offtopic derail attempt removed)
For those who didnt see this mornings response I wrote about how i know returns are made via sports trading as we as members can follow his live in play trades via a private forum. The winning rates and percentages are v impressive!
There is no way to put screenshots on here that i know of otherwise i could prove miguel is a trader trading for BWT and providing a service for its members
and so GooBets failed.
Why couldn’t Miguel work with some of the directors anymore?
That a token amount of trades may be taking place for pseudo-compliance purposes is a given. They have to pony up something to maintain the illusion of legitimacy.
Otherwise all that’s happening is newly invested funds are being shuffled around to pay off existing investors.
Guaranteed ROIs = no need for invested affiliate funds.
in a genuine hedge fund the more investors they have assures the fund manger that even in a poor performance year, he will make enough commisions to carry the costs of his operation and continue his funds growth.
in a bumper year it means the hedge fund manager will buy a yacht or a jet or set up offices in other countries.
in a ponzi scheme the more new investors are required continually, to pay older investors.
why don’t you just stop bewise trader recruitment, and prove your point with a brass band playing, instead of just making unsubstantiated statements?
talk is easy.
yup. this is a popular story in every ponzi crash. make excuses about the management being in a spat and how things couldn’t work anymore and ReBoot!
try again.
GooBets suddenly decided to change name to BeWiseTrader. It happened shortly after the RPT1 / “Sexta9” report.
“Couldn’t work with some of the directors” seems to be Oaklawn Limited and Penleigh Limited.
He decided to stay in Goobets, but operate under a new name. Those two former directors left the company.
So it was only a name-change because of bad publicity.
I answered the question directly in post #8, but I limited the answer to hedgefunds. It’s almost impossible to give meaningful answers if you ask about two completely different things in the same question.
Are we talking about the same thing here? The weekly ROI is slightly higher if you buy a more expensive membership package.
Since BeWiseTrader claim the profit is generated from sportsbetting, that difference won’t make any sense.
Which bookmaker will pay higher odds if people bet more money?
The sportsbetting story simply isn’t believable.
The weekly ROI seems to have used TelexFree as a model (Bronze as 1 AdCentral, and Diamond as 1 AdCentral Family).
The “Sexta9” report indicated something like that, if I interpreted it correctly (“como é o caso da já mencionada Telexfree” and “de que a Telexfree foi o maximo expoente”). 5:40 into the video.
The video (Portuguese):
youtube.com/watch?v=k5pUr5OtM3U
you nailed it norway.
(Ozedit: Offtopic spam removed. Last warning, unsubstantiated vague claims and derail attempts that have nothing to do with BeWise Trader will be marked as spam.)
Haha, I wondered what happened to goobets.
Another thing a certain ponzi pimp told me was going to be the next big thing! I’ve cut ties with all these type of people ever since the achieve scandal.
Total joke some of these people who keep buying into this crap!, they deserve to lose the lot.
hi Sportstrader,
HI, i am investor, even sometime i dont get return always or have to wait sometimes.
In investment, there is always rise and fall of profit. But this bewise trader is no investment, it is total robbery of innocent, new invester who are the preys of big shark.
Just to let you know nothing is free and nothing is guaranteed in this world. you should already know that there is so many fraud scheme in the market with very high return and their promise is less then penny worth. like ponzi, pyramid scam they are too good to manupulate and brainwash people.
Remember higher the return higher the risk but at the same higher homework, higher the time spending and many more to secure profit.
here, it is very simple just invest and make recruitment to get more commision. it is too good to be true…. come on people wake up.
oh ,,, Did you know that recently Pyramid scam-UTOKEN shceme very similar returns are busted now. The 300 millin dollar scam operator were arrested.
Please dont get fool and please stop other from being tricked. The rule of investment is First information, Interaction and then only invest wisely. good luck.
There is such a lot of misinformation here. I just cannot understand those of you who make such slanderous comments.
You need to speak to the members who are reaping the rewards of BeWisetrader….it’s all about word and mouth .. Good experience tell friends, tell friends, tell friends, tell friends… Yes network marketing ..
A great way to do good business.
This Is not Ponzi or mlm it is simple recommendations!
The main points are.
1. You get to choose where to start and with how much.
2. Whatever you do put in is returned within the first three months (mine was retuned in 2.5 months) the rest of the 9 months is totally passive income.
3. Nothing is guaranteed but! It’s working well for everyone I know …
4. Weekly payouts … Where else do you get that?
5. Repeat .. Money is returned within 3 months (this is where the risk is but once your first … Ugg no need for more explanations …
Ah well everyone to their own, but please no comments unless you know THE FACTS!
You want to talk about facts? Stop ignoring the obvious: Where your ROIs are really sourced from?
ayshez.com have bewise trader ad their new ponzi scam to help people to financial freedom. Be very afraid!!!!
I have joined bewisetrader and have been paid. But after Banners Broker, I do not trust any company which does not really prove the ‘product’ they market.
Time will tell if the company will honour their commitments to their members, but if something goes wrong, you are on your own, there is no help from the head office.
There are at least 3 people whose money has disappeared through some errors but the company does not correct those errors or respond.
There may be paying now, but I do not see a ‘future’ when the support is lacking. It was the same with Banners Broker and they finally stopped paying.
Members do not like to make negative comments about the company while they are getting paid, but I have an issue which needs to be settled and it is not happening.
My brother has recently joined and has been at me to take up this fantastic offer…..
of course I am very sceptical of ANYTHING that promises money for doing nothing….then more money if you bring in other investors…the whole thing was screaming “PYRAMID/PONZI” at me.
He seems convinced by it and he is getting money from it…..but as I understand it from here and other websites, if investor recruitment were to dry up, then the payments would be halted….so those who haven’t made their golden 2.5-4 months in the system….tough titties, take your losses.
The betting side of it does seem to happen, in that tips are sent out…..but again, YOU have to bet more of your own money on these tips to win…. just like a normal bet.
This is as far as I understand this process. Hmm….I’m glad I’ve not jumped in.
I concur with Roxanne Cross, I invested the minimum amount and although i am half way to recouping my investment i will not be investing any more as the support is virtually nil.
I do not trust them an inch. Communication is solely thru an upline that rely on facebook ‘secret’ groups.
Any hint of questioning the transparency or credibility of the system and you are kicked out of the group without any warning, to be left high and dry. Everyone is too scared to speak the truth.
Further more, there are no terms and conditions or contracts, yet everyone ticks a box online when joining to say that you have read and accept them! Talk about signing one;s life away!
Yes, the whole thing stinks, and some greedy guys at the top of the uk operation, who were formerly with a highly reputable mlm company that involved hard work, changed to this scam instead as they used to have credibility and took followers with them to line their pockets the easy way.
Condolences to all my BewiseTrader friends that received the news last night… lets all hope there is a turnaround and we get some more positive news soon…
Re post #33, what’s the update?
Well it seems it has gone and probably has been for months – lots of names in the frame – fraud investigation and lots of damaged people – hoping banks will honour fraudulent mis use of our funds.
Owners done a runner with all the money….
Simon Patmore and Bill Willmot pocketed over $100,000 each and removed all the YouTube videos from their Bewise Channel….
Bewise Trader Action group set up to press charges against Affiliate Leaders Bill Willmot and Simon Patmore …
(Ozedit: link to private FB group removed)
This was a Ponzi reload scheme right from the beginning. Are you investors really that surprised?
Again another too good to be true… Let’s be fair how did we all fall for returns of 25-31% per month and no sign of any Traders ….lmfao…
What about all the cash payments and direct bank transfers of affiliate money direct into Simon Partmore and Bill Willmots bank account …???
Well, if local authorities are able to that will be investigated and funds frozen.
EU Ponzi scheme investigations have a history of going nowhere though. The UK registration was a post box rental, so don’t expect anything there.
I used my credit card through Netteller. Can i get my money back?
@william
Probably a question for Netteller (or your CC provider).
I have been waiting for a September payment from these sharks and as yet have not received it, after I do get all my investment back I will be ditching them, I have sent numerous tickets and never get a reply.
BUNCH OF SHARKS BETTER TO STAY AWAY.
Ian Fotgie.
There have been Death Threats out on Simon Patmore and his sponsor Bill Willmott for the return of the $100,000’s + they have both pocketed from the Goobets Bewise Trader Scam…
They were both seen to be taking cash payments and bank transfer payments from new affiliate sign ups to their team…
They both seem to be in hiding…
Simon Patmore and Darren Barton from England pushed this Fraud together for months.
Simon made over 100K off the Ponzi Scheme and Darren Barton made over 50K from the ponzi scheme.
They cheated me out of over 15k. They stated that there freinds were honest but it was all a Scheme. Paydif is another Scheme to take the money thru a Scam .
Paydif and bewsise trader were working together to defraud. Simon and the leaders of the scheme ran with the money.
Simon Patmore is now into promoting Bitcoins.
Does anyone know if the investors in BeWiseTeader have and legal standing to get money back?
I paid via Neteller and had a balance with them if over £1000 for reason they closed my account and I cannot get access to it online with no explanations???
Just wondering if anyone has heard from Simon Patmore lately? He seems to have disappeared altogether over the last 4 years. Is he still alive?