Category: Ad Surf Daily
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Accountant For Ponzi Scheme Suspect Who Shot Himself In Church Lot Indicted In Tennessee; Mark S. Riddle Charged With Defrauding Investors
EDITOR’S NOTE: The story of the Robert McLean Ponzi scheme is, indeed, a sad one. Litigation that has accompanied the Ponzi provides yet-another example of how fraud schemes can affect the lives of even innocent parties — charities on the receiving end of donations from Ponzi schemers and investors who receive payouts that can be…
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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…
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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…
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RECEIVER: Cook/Kiley Ponzi ‘Incredible Tragedy’; Some Investors ‘Destitute’; Management So Screwed Up That Historic Van Dusen Mansion Was Not Insured; Assets ‘Sent All Over The World’
EDITOR’S NOTE: As is the case with other Ponzi schemes, the alleged Trevor Cook/Pat Kiley scheme in Minnesota is proving to be an incredible paper chase that is consuming hundreds of hours of manpower as attorneys, investigators and support staff work to reverse-engineer what authorities say was an epic, international fraud. Want to be a…
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Government Scores Clean Sweep In ASD Forfeiture Litigation, But That May Not Be The Biggest News: Is A Separate Legal Drama Playing Out In Background?
UPDATED 11:57 A.M. EDT (U.S.A.) Federal prosecutors have won the second forfeiture case against assets tied to Florida-based AdSurfDaily, meaning the government now holds title to 100 percent of the money and assets seized in the autosurf Ponzi scheme, wire fraud and money-laundering investigation. U.S. District Judge Rosemary Collyer issued a final order of forfeiture…
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REPORT: AdSurfDaily Mainstay ‘Professor’ Patrick Moriarty Sentenced To Year In Federal Prison In Tax Case; Claimed To Be Tax ‘Specialist’ Also Skilled In ‘Karma Restoration’
“Professor” Patrick Moriarty, a mainstay in the AdSurfDaily Ponzi scheme story, has been sentenced to a year in federal prison for filing a false tax return, according to KMOX.com. Details about the sentencing were not immediately available. Moriarty, 62, pleaded guilty in January to filing a false return for the year 2003. Prosecutors said he…
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PROSECUTION: Renner Has No Standing To Contest Corporate Seizures In INetGlobal Case; ‘Major’ Fraud And Money-Laundering Probe Under Way; IRS Involved; No Media ‘Leak’ Occurred
Steve Renner has no standing to contest the seizure of “the vast majority” of the money and assets in the INetGlobal autosurf Ponzi case because the seized property was owned by corporations, not Renner, federal prosecutors said. Only $151,100 of the $26 million seized in the case came from accounts in Renner’s name, prosecutors said,…
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NEWS/UPDATES: Feds Charge Donald Young In Massive Ponzi In Pennsylvania; Matthew Pizzolato Pleads Guilty In Louisiana; Jeffrey Mowen Loses Cars In Utah; ‘Today’ Show Interviews Daughter Who Turned In Mom For Ponzi
A grand jury has returned an indictment against a suburban Philadelphia man, accusing him of operating a Ponzi scheme that gathered at least $95 million and fleeced investors of more than $25 million. Charged criminally with mail fraud and money-laundering was Donald Anthony Young, who also has been sued by the SEC. Meanwhile, Matthew Pizzolato…
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Moved By Gesture Of Kansas Mayor, Google Changes Its Name To ‘Topeka’; Search Giant Not Worried About Loss Of Brand Identity; Announcement Also Honors Maddy
Search-engine and advertising giant Google has changed it name to “Topeka,” the company said today. The company did so in tribute to the city of Topeka, Kan. Topeka’s mayor, Bill Bunten, wants to call the city “Google” for a spell. Google’s announcement about its name change came one year to the day after it announced…
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Secret Service Busts Another Alleged Ponzi In Florida; Michael Greenberg Accused Of Using 9 Company Names To Bilk Investors, Banks, Law Firm, Small Business Administration
A Florida man who spent time in prison for wire fraud and money-laundering in a previous Ponzi scheme embarked on a new scheme after his release, federal prosecutors said. Within two years of being released from custody in 1996 — and while still on supervised probation — Michael Greenberg, 50, started a new Ponzi and…
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INetGlobal Accuses Former CEO Of Extortion Bid; Says Company Is Solvent; Accuses Government Of Leaking Search Warrant Affidavit To Press
Denying it was a Ponzi scheme, INetGlobal says a federal judge should release about $25 million, business records and computer equipment seized in an investigation by the U.S. Secret Service last month because the property was “unlawfully seized.” Meanwhile, INetGlobal has accused its former chief executive officer — whom it describes as a “informant” who…