PROSECUTORS: ‘Final Action’ In Second ASD Forfeiture Case Not Expected For ‘Several Months’

UPDATED 11:46 A.M. ET (U.S.A.) Final judicial action in the second forfeiture case filed against assets connected to AdSurfDaily “is not expected for at least several months,” federal prosecutors said.

The second action was filed in December 2008. It identified family members of ASD President Andy Bowdoin as beneficiaries of a Ponzi, wire-fraud and money-laundering scheme operated by ASD.

Among the family members identified in the December complaint were Bowdoin’s wife, Edna Faye Bowdoin, and her son, George Harris. Judy Harris, the wife of George Harris, also was identified in the complaint as a beneficiary of ASD’s alleged illegal conduct.

Prosecutors filed the initial action against ASD’s assets in August 2008. That case concluded with the Jan. 4 issuance of a final forfeiture order by U.S. District Judge Rosemary Collyer, prosecutors said.

The government now has title to nearly $80 million seized in the August 2008 case — the lion’s share of the liquid assets (cash) from the combined cases. Only about $635,000 in cash was listed as seized in the December case, meaning prosecutors have control of more than 99 percent of the money targeted in the combined cases.

Prosecutors did not explain why they anticipated a considerable delay in finalizing the December 2008 case. (UPDATE: 11:46 A.M: Citing an investigation in progress, a Justice Department spokesman declined to comment.)

Nothing so far suggests, however, that the December case has been delayed as a result of an appeal by Bowdoin in the August case. The record does not reflect an appeal. The delay appears to be procedural.

The December complaint alleged that Edna Faye Bowdoin and George Harris used money from two ASD Bank of America accounts to open an account at a third bank.

The new account was funded with an opening deposit of more than $177,000 — more than $157,000 of which was used to pay off the mortgage of the Tallahassee home George and Judy Harris shared, according to the complaint.

Read the prosecution’s statement.

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7 Responses to “PROSECUTORS: ‘Final Action’ In Second ASD Forfeiture Case Not Expected For ‘Several Months’”

  1. If the 2nd forfeiture is not resolved for several months, does that mean that they can not start with any kind of restitution program or appoint a receiver etc. until that is settled?

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  2. Billie:

    Latest prosecution statement (Jan. 21, 2010) says this:

    “Further reports on the progress of these cases and the disposition of the forfeited funds will be posted on this web-site and in the recorded telephone message about this case, which can be heard by calling: (202) 616-2420.”

    Website: http://www.justice.gov/usao/dc/Victim_Witness_Assistance/adsurfdaily.html

    I’ll post updates as they become available.

    Patrick

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  3. As I read it, the judge has issued a final forfeiture against ASD and now the Govt is going after those who may have benefited from the ASD Ponzi and hence it takes some additional time to build a case for seizing those funds and assets.

    I am thinking this may just be the start of the clawback rules. My thoughts of the day.

    Richard

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  4. Richard: As I read it, the judge has issued a final forfeiture against ASD and now the Govt is going after those who may have benefited from the ASD Ponzi and hence it takes some additional time to build a case for seizing those funds and assets.I am thinking this may just be the start of the clawback rules.My thoughts of the day.Richard  

    If that’s what they are doing, let them have all the time they need. The more they can clawback, the more there is for restitution.

    Roxy Lewis, Ning #9

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  5. You could be correct, Richard, that the winners are being actively targeted. However it appears that David Courtney is still active. This is a quote from his latest drivel about the obvious ponzi GoldNuggetInvest:

    Certain Internet bloggers are claiming that GNI is and always was a Ponzi scheme and that this is the beginning of the end for them. The fact is there is no way to know if any of these programs are doing what they say they are doing. And even if they are, that is no guarantee they will succeed. How many publicly traded corporations have failed despite undergoing rigorous scrutiny by the public and government alike?

    I’m not sure who he is referring to as “certain Internet bloggers”, but GNI is a ponzi scheme and it will collapse sooner or later, just like everything else Courtney et al have pimped.

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  7. PTL, Sporting Enthusiasts and goodday from hell, where Bernie Made-off and Andy Boudain aficionados and fan-clubs alike await with anticipation.

    Yes, the sooner the Feds clamp down on the ASD ringleaders and other assorted miscreants, the better. Will there be a YouTube made of the players coming out of court, after the disgourgement ceremony?

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