BREAKING NEWS: Prosecutors Ask Judge To Order Forfeiture Of Bowdoin’s Quincy Residence, Tens Of Millions Of Dollars Seized From Bank Accounts

Federal prosecutors have asked a federal judge to order the formal forfeiture of more than $65.8 million seized from 10 bank accounts in the personal name of AdSurfDaily President Andy Bowdoin.

Prosecutors also asked for a forfeiture order covering Bowdoin’s residence at 8 Gilcrease Lane in Quincy, Fla.

“Plaintiff applies for a default judgment and final order of forfeiture because these eleven defendants in rem were properly served, and no timely paper, pleading, or other claim to the defendant properties remain properly filed that permits any person to challenge their forfeiture,” prosecutors said.

They added that a default notice to the property had been requested, and entered by the Clerk of

Court Nov. 16. Prosecutors said all of the property — the proceeds of the bank accounts and the

Andy Bowdoin

Andy Bowdoin

residence — had been advertised for forfeiture beginning on Nov. 15, 2008, more than a year ago.

Court documents unsealed in the case show that the U.S. Secret Service feared Bowdoin had become aware of scrutiny into his business affairs last year and planned to flee the country.

Prosecutors filed 13 separate applications for seizure warrants to trap money connected to ASD on Aug. 1, 2008. A federal magistrate judge ruled that the agency had established probable cause to seize the money, and ordered Bank of America to freeze the accounts.

On the same day, a message appeared on ASD’s website that it was unable to move money in and out of its accounts. Prosecutors said Bowdoin had been talking about South America and planned to stop using Bank of America in July 2008, choosing instead to switch to offshore service-providers, including Canada-based Solid Trust Pay.

Because Bowdoin had suddenly relinquished in July 2008 what had been described as a 50 percent ownership interest in Golden Panda Ad Builder and investigators determined that Bowdoin either had bought or was planning to buy a home in another country — and because a bank other than Bank of America had closed a Bowdoin-connected account just prior to the seizure amid Ponzi concerns — investigators said Bowdoin was setting the stage to flee.

Read the prosecution motion for a formal order of default and forfeiture.

About the Author

7 Responses to “BREAKING NEWS: Prosecutors Ask Judge To Order Forfeiture Of Bowdoin’s Quincy Residence, Tens Of Millions Of Dollars Seized From Bank Accounts”

  1. Patrick:

    What I find very interesting is that is does not mention the eight story office building Andy was purchasing for the future home of ASD. It makes me wonder if the sale was completed, or if the sale was still pending when the assets were frozen from the bank accounts? I have not seen any documents that clarified if the office building was indeed purchased or the sale did not go through. Are you aware of the status of this property?

      (Quote)

  2. Hi Lynn,

    Lynndel Edgington: What I find very interesting is that is does not mention the eight story office building Andy was purchasing for the future home of ASD. It makes me wonder if the sale was completed, or if the sale was still pending when the assets were frozen from the bank accounts? I have not seen any documents that clarified if the office building was indeed purchased or the sale did not go through. Are you aware of the status of this property?

    Nice to hear from you, Sir.

    The office building for which ASD paid $800,000 in cash is part of the December forfeiture complaint, as opposed to the August complaint.

    http://patrickpretty.com/2009/11/06/breaking-news-prosecution-says-it-will-seek-default-judgment-against-asd-assets-named-in-december-2008-complaint-asserts-bowdoin-others-were-served-direct-notice-in-january-2009-but-did-not-fi/

    Regards,

    Patrick

      (Quote)

  3. It looks like the prosecution was waiting for Bowdoin’s petitions to be denied and are proceeding fairly quickly now that it’s been done. There are weekly changes now.

      (Quote)

  4. I think it’s pretty safe to say that Bowdoin’s goose has been cooked since August of 2008, the supporters beliefs notwithstanding.

    What I’m anxious to see, hope to see, is a series of perp walks by the serial promoters. That’ll cut the heart out of this wretched online ponzi business if it’s done with enough high profile exposure and the right “leaders and due diligence poseurs” are taken down.

    Hopefully, there are other shoes to drop.

    ARWR

      (Quote)

  5. Hi ARWR,

    A Random Walk Rant: I think it’s pretty safe to say that Bowdoin’s goose has been cooked since August of 2008,

    I agree. My thoughts on this are that ASD “died” the day a second bank with a Bowdoin-connected account closed the account and used the phrase “Ponzi scheme” prior to the Aug. 1, 2008, seizure.

    Bowdoin’s behavior throughout July 2008 was consistent with what law enforcement might describe as “consciousness of guilt” — phasing out BOA, porting to Solid Trust Pay in Canada, relinquishing his alleged interest in Golden Panda, talking about “South America” and “international” banking, for instance.

    As you’re aware, the Secret Service traced it all back to e-Gold, painting a portrait of a Bowdoin who performed vendor tweaks to stay in the game when a critical vendor or another surf appeared on the Feds’ radar screens.

    The later emergence of AVG, which was top-heavy with ASD people, made it look all the worse.

    Patrick

      (Quote)

  6. Does anyone know if they will ever return our money that Bank of America has seized???? Or How I go about getting it? Any help would be great!

    -Robert

      (Quote)

  7. Click on the link to the right headline at the top and above he advertisement. It will take you to the DoJ website for the latest official information. Check out their FAQ.

      (Quote)

Leave a Reply