Archive for April 8th, 2010

Prosecutors Release Update To AdSurfDaily Victims, Say Restitution Program Could Be Delayed ‘A Year Or Longer’ Because Of Bowdoin’s Appeals

Prosecutors Release Update To AdSurfDaily Victims, Say Restitution Program Could Be Delayed 'A Year Or Longer' Because Of Bowdoin's Appeals

Fresh from their third win in the AdSurfDaily civil-forfeiture litigation, federal prosecutors now say a restitution program for victims of the autosurf Ponzi scheme could be delayed “a year or longer” depending on appeals filed by ASD President Andy Bowdoin. In an update to ASD members on the government’s website for victims, prosecutors did not […]

BULLETIN: Tom Petters, Minnesota Ponzi Scheme Figure, Sentenced To 50 Years In Federal Prison

BULLETIN: Tom Petters, Minnesota Ponzi Scheme Figure, Sentenced To 50 Years In Federal Prison

BULLETIN: (UPDATED 12:21 P.M. EDT (U.S.A.) Tom Petters, whom federal prosecutors said presided over a $3.65 billion Ponzi scheme, has been sentenced to 50 years in prison. The fraud was one of the largest in U.S. history — though still significantly smaller than the Bernard Madoff scheme, estimated to have involved $65 billion. Prosecutors had […]