URGENT >> BULLETIN >> MOVING: Andy Bowdoin Jailed After Bond-Revocation Hearing; AdSurfDaily President In Federal Custody

URGENT >> BULLETIN >> MOVING: (UPDATED 6:23 P.M. EDT U.S.A.) AdSurfDaily President Andy Bowdoin — the confessed author of a $110 million online Ponzi scheme — was jailed at the conclusion of a bond-revocation hearing in Washington today.

Bowdoin is being detained at a local Department of Corrections facility in the District of Columbia, the jail confirmed this evening. No other information was immediately available.

Federal prosecutors in the District of Columbia say Bowdoin was detained after the proceeding before U.S. District Judge Rosemary Collyer.

In April, prosecutors said Bowdoin continued to promote scams after the ASD Ponzi probe began in July 2008 and after his December 2010 arrest by the U.S. Secret Service on Ponzi-related charges. Prosecutors identified those scams as “OneX” and AdViewGlobal, an ASD-like autosurf.

Bowdoin, 77, pleaded guilty to wire fraud in the ASD case last month. His formal sentencing has been set for Aug. 29 before Collyer.

Bowdoin faces up to 78 months in federal prison, when sentenced by Collyer. He has been banned from multilevel marketing, Internet programs and mass marketing.

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12 Responses to “URGENT >> BULLETIN >> MOVING: Andy Bowdoin Jailed After Bond-Revocation Hearing; AdSurfDaily President In Federal Custody”

  1. That is great news.

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  2. BINGO! It was worth the wait. God Bless Judge Rosie. May his stay in jail be long and memorable.

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  3. Anyone want any popcorn? Was all prepared with plenty of popcorn for Andy’s trial, and now have popcorn to spare. Well maybe I can use it for Fred Mann or Paul Burke, whichever comes first.

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  4. Lynn:

    I’m rooting for Fred Mann to go down first. That thing is getting out of control. Have you seen their Alexa? My gosh.

    If I recall correctly, I think that one of the reasons that the secret service moved on ASD so quickly was that people were starting to borrow against houses, retirement funds, etc. to get into that ponzi scam.

    And, as Patrick has noted on his JSS thread(s) people are starting to do just that with JSS.

    Hopefully it’ll either collapse or be shut down before too many more lose money.

    ARWR

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  5. I heard there were people that put in upwards of $250,000 into ASD with many putting $10,000 or more into the scam. When will the people that promoted the scam from the meeting rooms and daily seminars get what’s coming to them?

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  6. Ace Baker: I heard there were people that put in upwards of $250,000 into ASD with many putting $10,000 or more into the scam.

    Perhaps the greatest lesson to come out of the ASD/Bowdoin saga is perhaps the fact that, when it comes to online “opportunities” it is far safer to assume “NOTHING” is what it seems.

    In fact, the phrase “I heard” is probably what got thousands of Bowdoins’ victims into the position in which they found themselves.

    Even today, many people STILL believe much of what they “heard” even after all that’s transpired.

    Bowdoin may well have been the public face of the scam, but, rest assured what happened would not have been possible without the full co-operation of hundreds of faceless, nameless co-conspirators behind the scenes.

    And, that would be co-conspirators whose true identities people only assume they know.

    Just how much time, effort and victims’ money could/should the authorities spend chasing shadows ?? To what end ??

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  7. LRM,

    They may not have to put a lot of time and effort into finding ASD co-conspirators. Andy was nice enough to name some of them in his Proffer letter and probably as part of his plea deal. We will know some of the names soon enough.

    The more of these people that are caught and prosecuted the greater the hesitation people will have when they participate in scams and Ponzi programs as conspirators. The amount of money they take from the economy warrants they be sought out and punished to the fullest extent of the law.

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  8. Don: The amount of money they take from the economy warrants they be sought out and punished to the fullest extent of the law.

    I’m in total agreement with you.

    My point, however, was more along the lines that, when it comes to HYIP players, many of the identities are fake and near on impossible to trace.

    These people are professional fraudsters who spend a great deal of time and energy protecting themselves for just this sort of eventuality.

    IM(very)HO, people would be horrified to learn who and what really are, “behind the scenes” in the HYIP ponzi world.

    Think about it, hundreds of millions of dollars passed through Bowdoins’ hands.

    What self respecting terrorist/criminal/money launderer/tax avoider would give up the chance to have access to that sort of money ??

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  9. The good news about ASD is that all the major pimps are known, and they are legion at pimping Ponzi’s. I just hope the feds now turn their attention to them and they also have criminal charges filed against them. For it they do, it will definitely send a message you play you pay.

    I think if the feds to go after all the major pimps of ASD, it will send a giant chill to all the other pimps they could be next. For if it does, it will make it much harder for these Ponzi’s to get any traction with the masses.

    No doubt the next few months will be most interesting to see if any action is taken or not.

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  10. Lots of ASD pimps are early pimpers of Zeek Rewards and making thousands a day now. Even if their funds are confiscated they still make out like a bandit.

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  11. There is no fool like an old fool. Another greedy bastard bites the dust. Hey maybe he will team up with Bernie Madoff for the Ultimate Ponzi Scheme . I got my check book ready. NOT!!!!

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