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Risk Free Profit has disappeared – More money left owing.

Posted by Aegist on October 18th, 2008

This is a topic which I unfortunately have some history with. Risk Free Profit created the software SureBetPro and distributed it through an MLM network – quite clever really because it really took advantage of peoples desire to make easy money on several different levels at once.

It was through the MLM approach to distributing their software that I, and many other people were introduced to the concept of arbitrage trading. SureBetPro (SBP) was the first arbitrage software I ever used, and if it wasn’t for Risk Free Profit (RFP), this website wouldn’t exist. In the beginning I defended RFP against numerous people who claimed they were a scam – the fact was that I was using SBP actively, and making money using it. The price they charged for the software was reasonable; $140 a month; no multi-thousand dollar bills like some of the modern scams, and the software did pretty much what it claimed to do (not brilliantly, but functionally all the same). So based on the fact that they had a reasonable product, being cleverly marketed, it seemed reasonable that they should be a legitimate company. Why rip people off and risk retribution, legal retaliation, and/or prison time when you can make legitimate profits? Well turns out that even the most reasonable looking situations can still result in way too many people being scammed out of their cash.

RFP ran a member only trading pool where members could invest $600 – $1000 for a limited period of time. Everything about this trading pool sounded perfect. It made no unreasonable promises; your profits were not promised, they were based on actual results. The amount you could invest was limited to a reasonable amount so that everyone could have a fair go. The investment was restricted to a specific time frame; no long term compounding issues. And there was even an incentive for the company to offer this – in order to claim any trading pool profits, you had to be a full time member of RFP – ie, you had to keep making your $140 USD payments every month without fail. So the pool looked like a clever tool to ensure their member base never shrunk…

But I was wrong. After a little over a year of running the trading pool the first round of payments started to be made. And they were made successfully. People happily posted their profits at various online forums, doing the usual HYIP fan-boy thing by cheering for RFP and proclaiming their faith in the goodness of RFP etc etc. Having the exact effect every Ponzi scheme could ever hope for – creating the illusion that this company is reliable and safe to invest in. More people surely invested significantly more money into the trading pool. Numerous people paid out in the first round undoubtedly put more money in for another turn. And it wasn’t long after this that RFP suddenly started having ‘Problems…’ with their payouts.

The list of reasons were bloody interesting actually. I think the first excuse was that their bank account froze their funds because of the massive movement of money out of international bookmakers – it flagged money laundering concerns. The bank supposedly froze their funds, and RFP had no option but to wait for the banks to resolve their concerns. Apparently the bank would hold the funds for 6 months before releasing them again. Yeah right, as if Banks have the right to just take money from their customers and hold them for arbitrary periods of time, just because they want to. Apparently RFP could do nothing about it, and had to swallow it – I mean, the members who were owed money had to swallow it.

Some time after that 6 month period passed, still no pool pay outs. I think it was at about this time that the US passed the safe ports act, and Neteller found itself in trouble with the USA. It was being investigated by the FBI, and it did actually have a lot of its funds frozen. RFP jumped straight onto this band wagon and started claiming that this was the new reason they couldn’t make payouts now – their money was trapped in Neteller by the US government. There was nothing they could do about it! Everyone would just have to keep on waiting. No mention was made of the previous ‘money frozen in bank accounts’ excuse of course…

At this stage over a year had passed since they had stopped making any sort of payment from their members only trading pool, and I had, like most other people no doubt, completely lost interest. I had stopped using SureBetPro many many months before hand (it had lost any competitive edge it may have once held, and I found other software better and cheaper on the market), and so RFP was of no interest to me. I’m sure there were a few other headline worthy excuses for why their members own trading pool money couldn’t be paid to those members – I wouldn’t be surprised if the current standing excuse was because the bank they had the money frozen in has just collapsed under the credit crunch and all of the money has been lost!

So anyway, for all of this time SBP has continued to be on the alert service listing page because it has continued to provide an arbitrage alert service. The dodgy operations of RFP have given me cause to warn people away from RFP and SBP for a couple of years now, but the alert service has continued working regardless – just without any sign of improvement, upgrade, or clearing of old junk (the damn software still has a filter in it for pointbet and several other LONG deceased bookmakers).

In the last couple of months though, it seems RFP has finally left us for good. A couple of people have contacted me letting me know that they can’t get on the RFP website. If you follow the link from the alert services it takes you to a default Apache page, and this has been the case with every other SBP link i can find online. However, if you go to http://www.riskfreeprofit.com, the website does still seem to be there. Historically, you can only register with RFP through a referral. Maybe RFP have simply cut off all of the old referral links but are still operating, but I’m not willing to try to register to find out

Whatever the actual case though, this is a long winding sad story of people losing money to a greedy company – like so many other stories on the internet.

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