PatrickPretty.com

Category: Alleged Ponzi Schemes

BREAKING NEWS: Default Notice Against ASD Entered

UPDATED 12:29 P.M. EDT (U.S.A.) A default notice to real estate and more than $65.8 million seized from the bank accounts of ASD President Andy Bowdoin has been docketed in U.S. District Court for the District of Columbia. A clerk entered the notice this morning in response to an affidavit from the prosecution last week.…

Nov 16, 2009
EDITORIAL: In The Past 24 Hours On The PP Blog . . .

Some things have happened here in the past 24 hours that deserve their own post and discussion thread. EXTREMELY NOTEWORTHY Poster “Tony H,” a longtime, thoughtful contributor, observed there could be more than one reason why some ASD members appear to be trying to discourage other members from filling out the government information form and…

Nov 15, 2009
Widow Shares Story Of $20,000 Loss In AdSurfDaily

EDITOR’S NOTE: This is the story of Shannon Allison, an Idaho widow with five children. It is in her own words. Only light editing has been performed. My name is Shannon Allison and I’m a widow with 5 children. My husband, 5 kids, and I were involved in a horrific car accident in July of…

Nov 13, 2009
BREAKING NEWS: Prosecution Seeks More Than $65.8 Million From Andy Bowdoin’s Bank Accounts; Asks For Default Entry

Federal prosecutors have filed an affidavit that seeks to give the government permanent control over more than $65.8 million seized from 10 bank accounts in the name of AdSurfDaily President Andy Bowdoin. Prosecutors already have permanent control over money seized from the bank accounts of Golden Panda Ad Builder in the same case. Today’s move…

Nov 13, 2009
BREAKING NEWS: Justice Department Establishes Information Hotline For AdSurfDaily, GP, LFD Victims

Victim of the alleged AdSurfDaily autosurf Ponzi scheme? Want the latest information about claims and how the proposed restitution program is shaping up? The Department of Justice has established a special telephone number for the ASD case. By calling the number, you’ll hear a recording that updates members on developments in the case, which involves…

Nov 13, 2009
BREAKING NEWS: Two Madoff Computer Programmers Charged With Conspiracy For Enabling Massive Ponzi Scheme

Federal prosecutors and the FBI demonstrated again this morning that people who enable Ponzi schemers are subject to arrest and prosecution. Today’s announcement that two computer programmers for Bernard Madoff have been charged with serious felonies could send shockwaves across the so called autosurf “industry,” which relies heavily on computers and programming tweaks to fleece…

Nov 13, 2009
‘MISPRISION OF FELONY’: Could It Be Used In Autosurf Ponzi Cases? Feds Trot Out Old-Fashioned Law To Combat Ponzi Epidemic; Georgia Woman Gets Jail Time

It’s called “misprision of felony” under Section 4 of the U.S. Code, and here’s how it reads: “Whoever, having knowledge of the actual commission of a felony cognizable by a court of the United States, conceals and does not as soon as possible make known the same to some judge or other person in civil…

Nov 12, 2009
Defendant In $50 Million Texas Ponzi Taken Into Custody

A previous encounter with the Securities and Exchange Commission and a $50,000 fine did not stop Benny Lee Judah from selling unregistered securities, and now Judah has been taken into federal custody. Judah, 50, of Lubbock, Texas, pleaded guilty today to one count of money laundering and one count of sale and delivery after sale…

Nov 12, 2009
Scott Rothstein Ponzi/Fraud Probe May Involve $1 Billion

The probe into the business affairs of Fort Lauderdale attorney Scott Rothstein may involve more than $1 billion directed to a Ponzi and fraud scheme, the FBI said today. Earlier estimates had placed the total at up to $500 million, and the FBI has made a public appeal for potential victims to provide information. Separately,…

Nov 12, 2009
EDITORIAL: Bowdoin, Family Suffered Second Legal Blow Yesterday; August AND December Cases Will Proceed To An Outcome Apt To Send A Chill Across ‘Surfing’ Universe

Yesterday’s ruling by a federal judge that AdSurfDaily President Andy Bowdoin would not be permitted to change his mind about submitting to the forfeiture of tens of millions of dollars in a case brought in August 2008 dealt the embattled surf firm a crippling blow. But a virtually unnoticed ruling yesterday by Judge Rosemary Collyer…

Nov 11, 2009
BREAKING NEWS: Judge Denies Bowdoin’s Bid To Reenter AdSurfDaily Case; Says ASD President’s Claims Lack Merit

UPDATED 5:18 P.M. ET (U.S.A.) A federal judge has denied the bid of AdSurfDaily President Andy Bowdoin to reverse his decision to forfeit tens of millions of dollars to the government in a case that features allegations of wire-fraud, money-laundering and operating a Ponzi scheme. “As Mr. Bowdoinâ€™s own descriptions of events fail to support…

Nov 10, 2009