UPDATE: ASD’s Andy Bowdoin Incarcerated At Oklahoma City Federal Transfer Center
Thomas Anderson “Andy” Bowdoin
Convicted 1-percent-a-day Ponzi schemer Andy Bowdoin is listed as an inmate at the Federal Transfer Center in Oklahoma City, a development that likely means the 78-year-old AdSurfDaily patriarch is on his way to a federal prison. Bowdoin, a Floridian, last year requested to be incarcerated in Florida. The PP Blog was unable to determine immediately if that request was granted.
Bowdoin pleaded guilty to wire fraud in the ASD Ponzi case in May 2012. He admitted ASD was a Ponzi scheme that had gathered about $119 million and had never operated lawfully from its inception in 2006 through its collapse in 2008. Bowdoin initially was imprisoned in June 2012, after federal prosecutors proffered evidence that he continued to promote scams even after the seizure of more than $80 million in the ASD Ponzi case and even after he was charged criminally in December 2010.
In August, Bowdoin was sentenced to 78 months in federal prison for his role in the ASD Ponzi.
Federal prosecutors identified AdViewGlobal and “OneX” as two other scams in which Bowdoin participated after the collapse of ASD amid Ponzi allegations by the U.S. Secret Service in 2008. Like ASD, AdViewGlobal was a purported “program” that planted the seed its paid a daily return of 1 percent. OneX was a “program” Bowdoin said could fetch participants a quick return of $99,000, apparently after an initial outlay of $5.
Bowdoin targeted former ASD members and “college students” in his OneX promos.
In August, the SEC accused Zeek Rewards of operating a massive online Ponzi scheme that had gathered about $600 million. Similar to ASD, Zeek Rewards was a “program” that planted the seed it paid a return of 1.5 percent a day.
The SEC has described its Zeek probe as ongoing. The Secret Service said in August that it also was investigating Zeek.
Despite the fact Bowdoin was sued civilly, accused of racketeering and charged criminally with wire fraud, securities fraud and selling unregistered securities for the ASD scam, any number of ASD members turned to promoting Zeek, which planted the seed it paid out even more than ASD.
In August, the SEC accused Zeek of selling unregistered securities. Zeek operator Paul R. Burks, who is in his mid-60s, consented to a judgment in the civil case without admitting or denying the SEC allegations. Two prospective class-action lawsuits also were filed against Burks.
Despite the legal entanglements of both Burks and Bowdoin and Bowdoin’s prison sentence, some MLMers immediately began promoting similar “programs.”
I think it’s worth remembering what some of the “victims” were saying about “Honest” Andy and ASD back in 2008.
http://www.ripoffreport.com/internet/asd-cash-generator-a/asd-cash-generator-andy-bowd-p6mfp.htm
Post #19 has the “facts” about ASD. Except the fact that it always was an obvious ponzi scheme.
Tony: My all-time favorite statement was that: “Andy was too honest to testify.” This is my #1 in my list of 50 or so of the statements made by ASD supporters.
What makes that statement ever more fascinating is that the only time that Andy did make a statement was to plead guilty. Ironic isn’t it.
My favorite was from the AdViewGlobal scam: “Most if not all of your leaders are joining” — this after AVG informed the troops that it was just like the NBC television network.
It struck me like this: Don’t worry that the Secret Service just seized $80 million in the ASD case and that a criminal probe is ongoing. It’s another day, and there’s another Ponzi — and “Most if not all of your leaders are joining.”
So, because “Most if not all of your leaders” were joining, you could take everything else off the table.
Patrick
I only am wondering one thing, why is Paul Burks from Zeek not in Federal Prison?
Yep, so honest in fact, it turned out he was even lying about the street address of Ad Surf Dailys’ office.
Eric, that is an easy answer; he has not yet gone to criminal trial.
[…] Prior to Zeek Rewards, Nehra testified that another advertising-related Ponzi scheme shutdown by the SEC, AdSurfDaily, was “not a Ponzi scheme”. A Judge later ruled that AdSurfDaily was indeed a Ponzi scheme. Its owner, Andy Bowdoin, was later sentenced to 78 months in federal prison. […]