Ad Surf Daily Surrenders; Bowdoin Removes Claim To Tens Of Millions Of Dollars As Autosurf Ponzi Members Grumble
BREAKING NEWS (UPDATED 9:03 P.M) Dogged by the government since August and a loser in early skirmishes with prosecutors, AdSurfDaily has done what it said it wouldn’t do: surrendered claims to tens of millions of dollars seized by the Secret Service in a Ponzi scheme investigation.
Lawyers for ASD President Andy Bowdoin have filed a motion with U.S. District Judge Rosemary Collyer of the District of Columbia to consent to the forfeiture — and also to forfeit real estate prosecutors said was purchased with proceeds from the scheme.
Collyer ruled in November that ASD had not demonstrated it was a legal business and not a Ponzi scheme. The ruling was handed down after a Sept. 30-Oct. 1 evidentiary hearing requested by ASD.
GoldenPandaAdBuilder, which was implicated in the federal probe, surrendered its claim to seized money in September. At the time, Golden Panda’s surrender was condemned as the act of a traitor by some ardent ASD supporters.
Clarence Busby, the president of Golden Panda, was villified by ASD members who said they believed ASD never would surrender.
Now ASD itself has surrendered.Â Some members are grumbling on forums, at once complaining about prosecutors but also questioning their support for Bowdoin over the past six months.
Some people maintained from theÂ beginning that ASD — and Bowdoin — would be vindicated and that prosecutors would be lucky to find jobs in fast-food restaurants after Bowdoin systematically destroyed their case and countersued.
Prosecutors said in court filings today that they intended to aid victims though a liquidation process. “Meanwhile, plaintiff explores mechanisms to identify victims and losses attributable to the AdSurfDaily and Golden Panda Ad Builder Ponzi operations so that property sued because of its involvement in the fraud schemes alleged in the complaint (or the value of property upon its liquidation) may be used to compensate the frauds’ victims,” prosecutors said in a motion.
From ASD’s court filings (emphasis added). . . Claimants, AdSurfDaily, Inc., Thomas A. Bowdoin, Jr. and Bowdoin & Harris Enterprises, Inc. (hereinafter “Claimants”), by undersigned counsel, hereby request leave of the Court to withdraw and release claims previously filed, consent to forfeiture, as follows.
1. Claimants withdraw and release with prejudice the verified claims they filed in this civil forfeiture action.
2. Claimants consent to the forfeiture of the properties for which they have asserted claims (i.e., the real property at 8 Gilcrease Lane and the bank account balances at the Bank of America in the names of Thomas. A. Bowdoin Jr., sole proprietor, d/b/a AdSurfDaily) and expressly announce their intention to not contest the Government’s forfeiture efforts against the properties for which they have asserted claims.
See this TampaBay.com story.
Bowdoin’s Surrender View
Prosecution’s Motion View