Category: Alleged Ponzi Schemes
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RECEIVER REPORT: Jet Ski Owned By Noobing Autosurf’s Parent Company Fetches $1,800 At Auction; Office Equipment Fetches $12,500
A court-appointed receiver has described the accounting records of Affiliate Strategies Inc. (ASI) as a mess, saying “an opinion on the accuracy of these records is not possible without an extensive audit that would require significant additional costs.” ASI is the parent company of the Noobing autosurf, which targeted deaf people in sales promotions. ASI…
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Bowdoin ‘Most Interesting’ Figure In ASD Story; Prosecutors’ Court Wins Have Secured Control Over More Than 99 Percent Of Liquid Assets In Forfeiture Cases
EDITOR’S NOTE: This story is about the “Most Interesting ASD Figure” poll conducted by the PP Blog. It also includes data from court files that suggest federal prosecutors have won court battles that have secured control over more than 99 percent (99.2 percent) of the liquid assets available in the ASD/Golden Panda civil-forfeiture cases —…
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‘Professor’ Patrick Moriarty, AdSurfDaily Mainstay, Pleads Guilty In Federal Tax Case; April Sentencing Date Set
AdSurfDaily mainstay “Professor” Patrick Moriarty has pleaded guilty in federal court in Missouri to filing a false tax return, federal prosecutors said. “The total tax loss admitted by [Moriarty] is $135,697,” prosecutors said. Prosecutors initially brought multiple tax-fraud counts against Moriarty, saying in March 2009 that he had filed false returns for the years 2002,…
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SUNDAY NEWS AND NOTES: South Carolina Ponzi Victims Included Widows, Alzheimer’s Patients, Seniors And Amputee; ‘Shocks The Conscience,’ FINRA Says
EDITOR’S NOTE: These briefs are based on information from recent Ponzi or fraud schemes. As noted yesterday and previously, the United States has formed a Financial Fraud Enforcement Task Force. Cases such as the ones below are part of the reason why. SOUTH CAROLINA AND TENNESSEE: Among the more than 30 victims in the Oren…
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FREE: PDF Handout On Financial Fraud Enforcement Task Force; Document Compiles President’s Executive Order And Attorney General’s Speech In Florida
Dear Readers, UPDATED 11:50 A.M. ET (U.S.A.) There were reports yesterday that things have become so strange at Florida-based AdSurfDaily that a convicted sex offender has emerged as a sort of PR voice for the company. ASD is implicated by the Department of Justice in a $100 million Ponzi scheme, amid allegations of wire fraud,…
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SHOCKING: SEC Says Illinois Investment Adviser And Movie Producer Raided Account Of 96-Year-Old Nursing Home Patient With Dementia; Steve Salutric Ponzi Diverted $321,000 To His Church
A federal judge has frozen the assets of Illinois investment adviser Steve Salutric in a Ponzi scheme case in which the allegations are shocking. Salutric, 51, a church treasurer who took a stab at the fim business and co-produced the 2005 movie “Madison” starring Jim Caviezel and Bruce Dern, raided the account of a 96-year-old…
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SEC: Man Switches Company Name For Offering, Buys Autodialer And Database For 17K, Targets Wealthy Investors, Racks Up $1.4 Million Before Scheme Collapses
UPDATED 6:15 P.M. ET (U.S.A.) A California man ordered by five states to cease and desist from selling unregistered securities started using a different corporate name, bought an autodialer and database with the names of wealthy investors for $17,737 and used it for at least six months to fleece clients before the scheme collapsed in…
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KA-BOOM! SEC Files Emergency Action In Alleged Richard Elkinson ‘Uniform’ Ponzi Scheme; U.S. Attorney General Warns Fraudsters, ‘You Are Writing Your Ticket To Jail’
Ka-boom! A federal judge has frozen the assets of alleged Ponzi schemer Richard Elkinson, accused of fleecing investors in Massachusetts by telling them he brokered deals for government uniforms and uniforms worn by Olympic athletes. Meanwhile, the attorney general of the United States ventured to Florida today and gave a dramatic speech at the Forum…
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Now, A ‘Concert’ Ponzi Scheme: FBI Says Miko Dion Wady Of Arizona Claimed Bogus Tie To The Rolling Stones, Barbra Streisand, Mary J. Blige To Lure Investors
If this were Forrest Gump and the subject were Ponzi schemes instead of shrimp, Benjamin Buford “Bubba” Blue might say something along these lines: There are ‘advertising’ Ponzi schemes, ‘printing’ Ponzi schemes, CD Ponzi schemes, ‘billboard’ Ponzi schemes, Ponzi schemes claiming that ‘uniforms’ are being purchased for prisons and police agencies, ‘Big-Box Retailer’ Ponzi schemes,…
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EDITORIAL: In The End, Surf’s Up Demonstrated That All Its Members Were Expendable And That Its Heart Beat Only For Bowdoin And A Limited Few
On Nov. 27, 2008, just eight days after a federal judge ruled that Florida-based AdSurfDaily had not demonstrated it was a lawful business and not a Ponzi scheme, ASD gave its official endorsement to the Surf’s Up forum, which suddenly went missing last week after shilling for ASD President Andy Bowdoin 24/7 for more than…
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Judge Signs Forfeiture Order In AdSurfDaily Case; Gives Government Title To $65.8 Million In Bowdoin Bank Accounts; Case Resolved In ‘Entirety’
After more than 17 months, more than 165 court filings and more than $1 million in legal fees, ASD President Andy Bowdoin has lost the August 2008 civil forfeiture case and the government has been granted title to $65,838,999.70 seized from Bowdoin’s 10 Bank of America accounts. U.S. District Judge Rosemary Collyer, whom Bowdoin attempted…