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Category: Alleged Ponzi Schemes

Senior Who Swindled Seniors In $18 Million Ponzi Scheme Sentenced To 108 Months In Federal Prison; Case Sends Message To ‘Con Artists,’ Top Federal Prosecutor Says

Louis J. Borstelmann, a California senior citizen who swindled “elderly and retired” investors in Oregon and elsewhere in an $18 million Ponzi scheme, has been sentenced in Oregon to 108 months in federal prison, prosecutors said. Borstelmann is 69. Most of his victims resided in the area of Florence, Ore., although others hailed from Hawaii,…

Jul 21, 2011
Bowdoin’s Purported Fundraising ‘Army’ Misses ‘Revised’ Launch Date; Site Now Advertises ‘Final Revised Launch Date’ Of July 26

A website that says it is raising “required” defense funds for accused Ponzi schemer Andy Bowdoin of AdSurfDaily now has missed its second launch date and claims it is working on a third. Dubbed “Andy’s Fundraising Army,” the site first advertised a launch date of “on or before” July 15. It then advertised a “revised”…

Jul 21, 2011
URGENT >> BULLETIN >> MOVING: Pat Kiley, Jason Bo-Alan Beckman, Gerald Durand Indicted In Trevor Cook Ponzi

URGENT >> BULLETIN >> MOVING: UPDATED 7:02 P.M. EDT (U.S.A.) Former radio host Pat Kiley and two others have been indicted criminally in the $194 million Trevor Cook Ponzi scheme, federal prosecutors in Minnesota said this afternoon. The others are Jason Bo-Alan Beckman, 41, and Gerald Joseph Durand, 60. Kiley is 73. He formerly hosted…

Jul 20, 2011
Jon Jason Greco Pleads Guilty To Making False Statement In Trevor Cook Ponzi Case

Jon Jason Greco, 40, of Minneapolis, has pleaded guilty to making a false and material statement in the Trevor Cook Ponzi scheme. He faces up to five years in federal prison. A sentencing date has not been scheduled. Greco came into possession of loot from the scheme after its 2009 collapse, stashing it in a…

Jul 19, 2011
Effort To Raise Funds To Stone ‘Goliath’ With $50 ‘Rocks’ In Federal Court Apparently Delayed Owing To Need To Perform More ‘Testing’

“David” apparently needs five more days of “testing” before he can equip himself properly to stone “Goliath” with $50 “rocks” in federal court. A fundraising website for accused felon and MLM huckster Thomas A. “Andy” Bowdoin missed its advertised launch date Friday. Bowdoin, 76, was positioned as “David” on a “temporary” site that advertised his…

Jul 17, 2011
URGENT >> BULLETIN >> MOVING: KABOOM! Feds, SEC, CFTC Move Against Alleged U.S. Huckster Who Ran Forex Ponzi Scheme From Panama And Fled To Peru; Self-Styled ‘Christian’ Jeffery A. Lowrance Registered Business In New Zealand And Routed Ponzi Payments To And From The Netherlands, Officials Say

URGENT >> BULLETIN >> MOVING: A U.S. citizen who told investors he was a “Christian” who shared their political philosophy of “limited government” ripped off hundreds of people in a $21 million Forex Ponzi scheme involving “fictitious trading,” used some of the cash to start an alternative newspaper, preyed on followers of U.S. Rep. Ron…

Jul 15, 2011
Tax Lien Was Filed Against Golden Panda’s Clarence Busby Prior To Lawsuit Autosurf Operator Filed Against Bank; Separately, Georgia Has Dissolved 2 Busby Firms And Says Biz Ad Splash ‘Surf Company In State Of Noncompliance

EDITOR’S NOTE: Clarence Busby Jr., a figure associated with at least four autosurfs — AdSurfDaily, Golden Panda Ad Builder, LaFuenteDinero and BizAdSplash — has encountered a recent string of troubles, including a mortgage foreclosure and tax liens. Owing to his association with ASD President Andy Bowdoin, who operated ASD and LaFuenteDinero and once had a…

Jul 15, 2011
AdSurfDaily/Golden Panda Figure Clarence Busby Jr. Filed Pro Se Lawsuit Against Bank, 1,000 ‘Does’; ‘Plaintiff Has No Knowledge Of The True Names And Identities Of Any Or All Of The Real Lenders’

Even as bank failures and foreclosures were piling up in Georgia last year, a man associated with at least four failed autosurf companies was filing lawsuits against mortgage companies and 1,000 “Doe” defendants amid claims he did not know the “true names” of the “real lenders.” Clarence Busby Jr. of Acworth, Ga., advised a Cobb…

Jul 14, 2011
BULLETIN: ASDCashGenerator Website Is Active Again; Is A New ‘Program’ In The Offing? Page Is Accessible Through Old ASD Ad That Features Image Of Purported Club Asteria Owner; No Comment From Investigators

This old ad for AdSurfDaily features an image of Hank Needham, the purported owner of Club Asteria. An ASD affiliate link in the ad summons ASD’s old ASDCashGenerator.com URL, which went dormant after the federal raid on ASD’s Florida headquarters in August 2008. In recent hours, however, the old ASDCashGenerator URL began to resolve to…

Jul 12, 2011
International MLM Huckster Who Laundered Money For Colombian Narcotics Operation Sentenced To 9 Years In U.S. Prison; David Murcia Also Faces 30-Year Term Behind Bars In South America Upon Release

David Eduardo Helmut Murcia Guzman (David Murcia), the MLM huckster whose pyramid scheme targeted the poor in Latin America and laundered money for a Colombian narcotics operation, has been sentenced to nine years in a U.S. federal prison. Murcia, 30, also faces a 30-year prison sentence in Colombia after his release from a U.S. jail.…

Jul 12, 2011
Millions Of Dollars In Payments To Accountant, 73, Provided Him ‘Powerful Incentive’ To Look The Other Way As Joseph Forte Pulled Off $75 Million Ponzi Scheme, SEC Says

Joseph S. Forte, one of the earliest of the so-called mini-Madoffs, was sentenced in November 2009 to 15 years in federal prison — slightly more than a year in jail for each year his 13-year scheme operated. The SEC now says he had help from an accountant who looked the other way because Forte, a failed…

Jul 12, 2011