BREAKING NEWS: Government Seeks Golden Panda Default

As anticipated, the government has filed papers to finalize the forfeiture of more than $14 million seized from Bank of America accounts controlled by Golden Panda Ad Builder President Clarence Busby and his daughter, Dawn Stowers.

Busby surrendered claims to the funds in September. Earlier today the government set the official total of funds seized from Golden Panda at $14,045,598.07.

Golden Panda’s largest account contained exactly $6 million, prosecutors said. Another account contained more than $3.007 million. A third account contained more than $2.282 million. A fourth account contained more than $1.642 million. Golden Panda’s smallest account contained more than $1.112 million.

Unofficially, Golden Panda operated only eight days.

Other than to formalize official amounts seized from AdSurfDaily in the same case, the government has not sought an entry of default and litigation continues. Prosecutors seek more than $65.8 million seized from ASD President Andy Bowdoin.

Prosecutors, however, included a footnote in this afternoon’s Golden Panda filing that said it intended to oppose any attempts for nonparties to intervene in the ASD case.

“Some former participants of the ASD operation have sought to challenge the government’s forfeiture case against ASD funds,” prosecutors said. “These would-be interveners maintain that some of ASD’s funds belong to members who were exercising ‘a constitutional right to contract with ASD’ for the wealth ASD promised to them — regardless of the source of the payments.”

Bowdoin has conceded that ASD was operating illegally at the time of the forfeiture. Prosecutors said last month he signed a proffer letter in the case.

Golden Panda Seizure Numbers

Prosecutors certified these Golden Panda seizure amounts:

(1) $2,282,999.72 seized from account #[deleted by this Blog] at Bank of America, in the
name of Clarence Busby Jr. and Dawn Stowers, DBA Golden Panda Ad Builder Deposit Account;
(2) $1,112,978.42 seized from account #[deleted by this Blog] at Bank of America, in the name of Clarence Busby Jr. and Dawn Stowers, DBA Golden Panda Ad Builder Operating Account;
(3) $1,642,039.08 seized from account #[deleted by this Blog] at Bank of America, in the name of Clarence Busby Jr. and Dawn Stowers, DBA Golden Panda Ad Builder Cashout Account;
(4) $6,000,000.00 seized from account #[deleted by this Blog] at Bank of America, in the name of Golden Panda Ad Builder;
(5) $3,007,580.85 seized from account #[deleted by this Blog] at Bank of America, in the name of Golden Panda Ad Builder.

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9 Responses to “BREAKING NEWS: Government Seeks Golden Panda Default”

  1. Two things jump out at me for being significant

    The first being that, if Judge Collyer grants the AGs request, the Golden Panda story will be laid to rest and all arguements about its legality etc etc will be over. This should have the effect of shocking some of the protesters into reality – Golden Panda is over and the money is gone. You will have to apply to the AG as a victim of fraud if you wish to see any money returned, and then it will be at his discretion. There are no rights in play for members here.

    What will happen with the cheques that were returned by Clarence Busby is another issue.

    Equally, any shortfall between the amount of money seized and the amount of money claimed will only be explainable by Clarence Busby and Dawn Stowers themselves. (This is not an invitation for Bob Guenther to come in and tell us how clever he is and how he knows where it is and that the AG wouldnt listen to him. lol)

    Secondly, the AGs request to the Judge not to allow actions by non-interested parties, affects everyone who is claiming a share of the pie, whether it be through “Red Indian” claims, ASDMBA claims, RICO claims (?)or any other claims not made expressly by Andy Bowdoin. If the judge pronnouces on the subject and grants their request, this could well speed up the process of collecting up, auditing and possibly returning some of the money ASD members have paid and lost.

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  2. alasyciaIf the judge pronnouces on the subject and grants their request, this could well speed up the process of collecting up, auditing and possibly returning some of the money ASD members have paid and lost.

    Yep, just a pity the greedy, self-interest promoting folk hadn’t thought about that before they tried to buy a place at the front of the payout queue by contributing to Guenther, Moriarty and co.

    If there is anything more puke-inducing than the snivelling statements put about by those who have largely brought about this whole fiasco, I have yet to see it.

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  3. The bit I find interesting with this submission is No. 4. The amount is exactly $6000000. Was this held in an interest bearing account? If interest was paid monthly, it seems unlikely that the amount was in the account for very long. Also, where did the money come from? It seems odd to have such an exact amount. Could it have been a small number of payments from another account? If I’m correct in some of my assumptions, it is possible that this account was opened for a short period of time then credited with a large amount of money quickly. This activity is just the sort of thing that should require the bank to file a Suspicious Activity Report.

    I know I’m assuming a lot just from the amount in the account.

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  4. Hi Tony,

    The precise amount of $6 million is interesting, to be sure. I also was struck by the grand total of more than $14 million in Golden Panda, given its grand opening lasted only eight days.

    Of course, the fact that at least $1 million was in all five GP accounts also is interesting.

    There is nothing “real world” about this. At a minimum, it demonstrates that any person with an autosurf script and access to a big list can record millions of dollars in revenue quickly. That is intensely disturbing, particularly when “rebates aren’t guaranteed” and “sales aren’t refundable” are part of the mix.

    It’s just plain dangerous. If this model ever passed muster with regulators and judges, theft via autosurf would become legal so long as the surfs beamed the ads.

    Thanks for your note. You raise some interesting points and good questions.

    Patrick

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  5. O-K, I am one of the regretful investers of ASD, But as with the other 4,976,472 scams, not regulted to protect “Joe Citizen” The only way to learn what is legitiment and what’s not. Is to try. I did investigate ASD as much as possible,while trying to stay ahead of the rest to maximise profits. Well after $175,000 and a “HUH-HUM”….. “SINCERE, YOU POUR GUY” Too bad you can’t get a dime of your confiscated money back. LIFE COLLEGE…..EXPENSIVE LESSON…Thank You UNCLE SAM……just another US born citizen

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  6. That certainly is A LOT of money to spend on such a ho-hum, never working properly advertising medium…just what was it you were advertising? Just curious why someone would put that much money into ASD. I know it wasn’t because of the 1% daily “rebate”..then again..the rebate part of ASD was the ONLY reason I joined and threw a few bucks into the system.

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  7. Would love to know how to get our money back.

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  8. Carey,

    You will have to wait at least until all of the appeals being filed by Bowdoin and Busby are concluded. The government has no choice but to wait until all avenues are exhausted, and don’t forget that Bowdoin will drag this on as long as possible to avoid getting sent to prison anytime soon. He could give a rats a** about your restitution — he never did care in the first place, nor did Busby. They, and their cohorts, were only interested in taking your money. The latest news is that Busby and Golden Pana have re-entered the ASD/GP appeals process according to the latest PACER documents. Translation: Any refund you may eventually be entitled to is being held up by (frivolous IMO) appeals by the founders and chief benefactors of these scams — Bowdoin & Busby.

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  9. Any word yet on how investers can get our money back?

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