BIZARRE: California Man Charged In Precious Metals And Commodities Swindle Claimed Same Award As Andy Bowdoin; Ryan A. Nassbridges Charged By CFTC In $5.5 Million, Ponzi-Like Scheme In California

The Commodity Futures Trading Commission has gone to federal court in California to halt a precious-metals and options scheme operated by a man who claimed to have the same award for business achievement as AdSurfDaily President Andy Bowdoin, according to web listings.

Like Bowdoin, the head of Florida-based AdSurfDaily, Ryan A. Nassbridges of Laguna Niguel, Calif., claimed to possess an important award known as the Congressional Medal of Distinction, according to a website that bears his name and is registered in his wife’s name.

Also like Bowdoin, Nassbridges now has been charged in a massive fraud scheme. The CFTC said today that Nassbridges, who once was known as Ryan Nasserabadi, was operating a “precious metals futures and options fraud” that gathered $5.5 million from at least 80 customers.

He also was accused of lying to investigators about the scheme.

Also charged were Nassbridges-affiliated companies known as American Bullion Exchange (ABEX Corp.) and American Bullion Exchange LLC (ABEX LLC).

Other web listings suggest Nassbridges was referred to by multiple names online. While one site refers to him as Ryan A. Nassbridges, another refers to him as both Ryan A. Bridges and Ryan N. Bridges. The site that uses the  Ryan A. Bridges and Ryan N. Bridges names is registered behind a proxy, meaning the owner of the domain is unclear. Curiously, documents on the domain list the name of Ryan A. Nassbridges.

Equally curiously, the entire left sidebar of both websites stream images of the awards purportedly received by Ryan A. Nassbridges.

It was not immediately clear if Nassbridges operates the sites and why the sites used different names.

Both sites tout the Congressional Medal of Distinction and include photographs of Nassbridges posing with prominent Republican politicians, including former President George W. Bush. Whether the photos were authentic was not immediately clear.

One thing that is clear is that the medal now has been linked to at least two alleged Ponzi schemes and that both alleged schemes have traded on the name of the President of the United States.

In the ASD case, the medal was described as a marketing memento for making campaign contributions to the National Republican Congressional Committee. Bowdoin was accused earlier this month of using Ponzi proceeds to make the donations and not correcting the record when affiliates told prospects he had received an important award from the President of the United States.

The websites that use the one or more forms of the Nassbridges’ name claim that he received the medal for his “contribution toward the passage of the tax cut.”

CFTC did not reference the medal in its allegations against Nassbridges, saying only that he used participants’ funds to make “political contributions” of an unspecified amount.

He also used about $586,100 to make mortgage payments, $305,000 to make credit-card payments, $90,100 to make car payments and $157,700 for cash withdrawals, CFTC charged.

Some investors received Ponzi-like payments, CFTC charged. It added that investors did not know that Nassbridges and the companies were trading commodity futures and options while “sustaining significant trading losses.”

Investors believed they were trading in precious metals, including gold, palladium, platinum, silver bullion and gold and silver coins, CFTC said, noting that the alleged scheme was advertised on Fox, MSNBC and Home and Garden Television.

The complaint described an operation by which “account representatives” were required to make a minimum of 350 “prospecting calls” per day.

The websites tout Nassbridges as the “2005 Businessman of Year” and the recipient of the “Presidential Certificate of Merit Signed by the President of United States of America.”

“[H]e is among those few who are Awarded with the ‘Eisenhower Commission’ Signed and presented by 3 former President’s (sic) of United States of America for helping the USA Small Business Organization and talented entrepreneurs create jobs for the American working class,” according to the websites.

His wife, Bita Nassbridges, who was named a relief defendant by CFTC for allegedly receiving ill-gotten gains from the scheme, is referred to as “Mrs. Bridges” on one of the sites and “Mrs. Nassbridges” on the other. The couple is pictured in poses with Republicans Bush, former New York Mayor Rudy Guiliani and Sen. John Thune.

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4 Responses to “BIZARRE: California Man Charged In Precious Metals And Commodities Swindle Claimed Same Award As Andy Bowdoin; Ryan A. Nassbridges Charged By CFTC In $5.5 Million, Ponzi-Like Scheme In California”

  1. I just love the way fraudsters deliberately confuse the Republican Party issued “Congressional Medal of DISTINCTION” which the National Republican Congressional Committee itself describes as being awarded for:
    “continued support of the Republican Party and the National Republican Congressional Committee”

    with the nations highest Military honor, “Congressional Medal of HONOR” which is described on the official Congressional Medal of Honor Society website as:
    “The Medal of Honor is the highest award for valor in action against an enemy force which can be bestowed upon an individual serving in the Armed Services of the United States. Generally presented to its recipient by the President of the United States of America in the name of Congress”

    The deliberate confusion is apparently not uncommon, leading to the circulation on the ‘net of the following letter:

    “Mr. XXXXXXXX,

    Thank you again for your recent contribution to the National Republican Congressional Committee. As you know, your contribution includes two tickets to the Presidential dinner and, as a token of our appreciation for your support, a Congressional Medal of Distinction.

    Recent news reports have implied that the Congressional Medal of Distinction is a merit-based award based on your background, which is not the case. The Medal of Distinction is being given to you because of your continued support of the Republican Party and the National Republican Congressional Committee.

    Thank you for your time, and of course, thank you for your support of the Republican Party.

    Sincerely,

    [Signature]

    XXXXXXXXXXXXXXX
    Executive Director
    National Republican Congressional Committee”

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  2. Is he a Don johnson fan? Nass Bridges? Oh come on, do people really fall for this? (I know, they do)

    And I also think it’s about time that some letters get written to whomever can call the Republican Congressional Committee to task for their “award of distinction”, specifically the use of the term ‘Congressional” in it, The Republican Party is not the Congress and to give an award in a way that can be twisted to imply Congressional endorsement is at best misleading. Call it the ‘Republican Congressional Campaign Committee Award of Distinction” if you must but I think we have enough proff that the way they name it now is subject to mis-use that will eventually bring disfavor on the party as much as the apparent scumbags who buy them.

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  3. I’m mildly surprised that they didn’t include his American Preferred Commodities company, considering the ads that “bookbinding” business had online.

    Is Mr. Nassbridges still represented by Karsaz & Associates? Color me unimpressed by Ryan’s attempt to offer a reward for information on one Curtis Lund, with references to using this law firm against him. One could suspect that Mr. Lund could take Mr. Nassbridges to court for defamation of character, after some of what was written online.

    Was their company R E Lloyd Holdings connected to any of the shady dealings?

    I see that in the summer of 2008, Mrs. Nassbridges played around with a mortgage modification company of her own.

    In 2009, they owned wrongfullysued.com, although I can’t seem to get an archived copy of the site to see what that one was about.

    Some of the legal documentation regarding this couple that found was rather interesting, although as a layman I cannot claim to fully understand the legal nuances.
    http://www.krongoldlaw.com/pdf/121%20-%20Court%20Decision.pdf

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