Category: Alleged Ponzi Schemes
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BREAKING NEWS: Water Toy Does Not Survive: Federal Judge Approves Liquidation Plan That Demolishes Parent Company Of Noobing Autosurf; Jet Ski, Car, Computers, Furniture — Even A Wastebasket Ordered Sold
A federal judge has given the go-ahead to a court-appointed receiver to sell the assets of Affiliate Strategies Inc. (ASI), the parent company of the Noobing autosurf. U.S. District Judge Julie A. Robinson of the District of Kansas approved the plan submitted by receiver Larry Cook. The plan authorizes Cook to sell the assets in…
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BREAKING NEWS: Montana Forges Partial Settlement In Case That Alleged Ponzi Schemer Took $100,000 From Investment Client, Paid Earlier Client $50,000, Paid Lawyer $25,000 And Pocketed $25,000; Major State Investigation Remains Open
UPDATED 9:28 P.M. EDT (U.S.A.) Donald Chouinard urged clients in Montana and Idaho to invest in what they thought was a “day-trading program,” authorities said. In one case, he allegedly persuaded a client to borrow a large sum to enter the program. The case is remarkable in the sense that one of its specific allegations…
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BREAKING NEWS: California Man Expected To Enter Guilty Plea In Ponzi And Affinity-Fraud Scam; Kenneth Kenitzer May Face Up To 30 Years In Prison; Case Features Charge That A Vigilante Tried To Shake Down Business To Get Refunds For Investors
UPDATED 6:51 P.M. EDT (U.S.A.) Kenneth Kenitzer of Pleasanton has become the most recent senior citizen to face significant jail time for his actions in a Ponzi and affinity fraud scheme. The California Ponzi fleeced investors and churchgoers out of at least $40 million, authorities said. Kenitzer, 66, is expected to plead guilty “in the…
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OCT. 28 PONZI NEWS AND NOTES: Tom Petters Trial To Open; Employee Of Sir Allen Stanford Purportedly Criticized, Ostracized, Fired For Being Too Honest
NEWS: In the world of high finance, Tom Petters was Bernard Madoff before Bernard Madoff was Bernard Madoff — at least with respect to shocking headlines about Ponzi schemes. Jury selection is under way in Minnesota in the Petters case. The allegations that Petters presided over a $3.65 billion Ponzi were unfathomable in September 2008.…
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BREAKING NEWS: Bank Of America Named In New Lawsuit Amid Allegations It Aided And Abetted Alleged ‘Beau Diamond’ Ponzi Scheme In Florida; Lawyer Who Sued ASD President Andy Bowdoin For Racketeering Is Co-Counsel For Plaintiffs
UPDATED 2:07 P.M. EDT (U.S.A.) Courthouse News Service is reporting that Bank of America has been named a defendant in a federal lawsuit filed in Florida that alleges it aided and abetted the Beau Diamond Ponzi scheme that fleeced investors out of millions of dollars. Bank of America also is named a defendant in a…
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UPDATE: Another Parallel To ASD/Golden Panda/AVG Emerges In Canadian Probe Of Manna Trading Corp. Ltd.
Yesterday we reported that the British Columbia Securities Commission (BCSC) ordered penalties and disgorgement totaling $42 million in the case against Legacy Capital Inc., Legacy Trust Inc., Manna Trading Corp Ltd. and Manna Humanitarian Foundation. We reported several parallels to the ongoing investigation in the United States into the business practices of AdSurfDaily/Golden Panda Ad…
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HYIP/AUTOSURF SHOCKWAVES: Regulators Order Canadian Ponzi Schemers To Pay Penalties Totaling $26 Million And To Disgorge Illegal Profits Of $16 Million; Case Has Parallels To AdSurfDaily And AdViewGlobal
The British Columbia Securities Commission (BCSC) has ordered four respondents in a civil action to pay penalties of $26 million for operating a Ponzi scheme and to surrender $16 million in illegal profits. In forceful findings that may echo throughout the HYIP and autosurfing universe, BCSC said the schemers tried to skirt securities laws by…
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NO AUTOSURF ENVY: Newspaper Circulation Plunges; Top Publications Hemorrhage Print Readers As Industry Looks To Harness Power Of Internet Advertising
EDITOR’S NOTE: If you’ve been approached by individuals or a downline “team” and invited to join an online “surfing” program that purports to be an “advertising” company, this column may be of some value to you. Extremely well-known publishing companies — companies that produce titles you know and love, and companies that know advertising and…
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BREAKING NEWS: Florida Revokes Corporate Registration Of Andy Bowdoin’s AdSurfDaily Inc.; Dissolves Bowdoin/Harris Enterprises Inc. On Same Date
UPDATED 10:47 P.M. EDT (U.S.A.) The state of Florida has revoked the corporate registration of AdSurfDaily Inc. Meanwhile, the state has dissolved Bowdoin/Harris Enterprises Inc. Both actions were taken Sept. 25 by the Florida Department of State’s Division of Corporations because neither company filed required paperwork. ASD’s registration is marked “REVOKED FOR ANNUAL REPORT.” The…
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Bowdoin’s New Lawyer Has Another Big Case; Feds Charge Florida Home-Builder Scott Fawcett In Multi-Agency Operation Dubbed ‘The Mortgage Fraud Surge’
Michael R.N. McDonnell is the attorney for a Florida man charged Tuesday with obtaining $388,000 in a mortgage-fraud scheme, according to the Naples Daily News. McDonnell, a lawyer for nearly 40 years, recently was retained to represent AdSurfDaily President Andy Bowdoin in a civil-forfeiture case involving tens of millions of dollars seized from Bowdoin’s bank…
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LETTER TO READERS: Senior Citizens, The Culture Of Ponzi Schemes — And America’s Longing For A Return To The Age Of ‘Blue Light’ Specials, The Age Of Innocence
Dear Readers, From time to time I publish a post in letter form. This usually happens when a post in story, editorial or essay form does not seem appropriate. This is one of those times. Honestly, just how strange could things get in Ponzi Land? Ponzi Land, which relatively few people outside of law enforcement…