PatrickPretty.com

Category: Alleged Ponzi Schemes

  • Introducing Ponzi News (Beta)

    Over the next few days we’ll be rolling out a beta version of a new web publication known as Ponzi News. It’s at PonziNews.com. The content will be targeted at consumers, many of whom were only vaguely familiar with the term “Ponzi scheme” prior to the Bernard Madoff affair. We chose “Ponzi News” as the…

  • Joseph Forte Charged With $50 Million Ponzi Fraud

    First the SEC sued fund manager Joseph Forte, accusing him of running a Ponzi scheme that fleeced investors out of tens of millions of dollars. Now Forte has been charged criminally with mail fraud. Authorities said his victims included a church, a charity and a private school. The SEC sued Forte, 53, of Broomall, Pa.,…

  • Investors Relive Bradford Bleidt Ponzi Case

    He ran a slow-motion Ponzi scheme in Massachusetts that lasted 20 years. Now Bradford Bleidt is in federal prison, doing 11 years for money-laundering and mail fraud. The scheme fell apart earlier this decade when Bleidt couldn’t pay a $1.5 million redemption requested by a Greek Orthodox church. His final take was estimated at $32.6…

  • Regulator Cites Uptick In Ponzi Fraud

    “We are seeing an uptick in Ponzi scheme cases because, in this economic climate, new investors cannot be found to perpetuate the scheme. As these schemes collapse, the CFTC will move swiftly to prosecute those who harm innocent investors.” — Stephen J. Obie, CFTC “Run the other way” if someone promises you exorbitant investment returns,…

  • Follow-Up: No Autosurf Cure For Struggling Newspapers

    Our site has been serving more pages, fueled in large measure by readers’ interest in the AdSurfDaily case and our reports on Ponzi fraud and securities fraud. We got a mention in the Seattle Post-Intelligencer last week (and later on Google News, which picked up the P-I column) in response to our column on whether…

  • SEC Up To Its Ears In Ponzi Investigations

    The Securities & Exchange Commission has charged CRE Capital Corp. with running a Ponzi scheme that sucked millions of dollars from investors. Meanwhile, a hedge-fund operator in Florida has gone missing — along with $350 million in clients’ money. Although the Florida case is brand new and the SEC hasn’t announced a probe, it almost…

  • Prosecutors: Bowdoin Knew ASD Was Illegal Prior To Rallies That Collected Tens Of Millions Of Dollars

    Andy Bowdoin knew AdSurfDaily was illegal in 2007, months before the company conducted rallies in major U.S. cities and collected tens of millions of dollars from members, according to court documents. Instead of becoming legally compliant, Bowdoin introduced new layers of deception in 2008, prosecutors said. Included in the deception was a video made in…

  • Breaking News: More ASD-Connected Assets Seized; Bowdoin Blamed Company Troubles On Russian Hackers

    Federal prosecutors quietly went to court last month, filing a second forfeiture complaint against assets tied to AdSurfDaily Inc. The complaint paints a jaw-dropping picture of insider dealings, special favors, a “silent” ASD partner, people getting paid large sums for doing virtually nothing — and a claim that Russian hackers broke into ASD’s servers and…

  • AdSurfDaily: Bowdoin The Envy Of Con Artists Worldwide

    ASD President Andy Bowdoin demonstrated that any person with access to an autosurf script can put tens of millions of dollars on the table if he or she can meet two minimal conditions: the ability to recruit a few key MLM promoters, and the ability to be influenced by MLM promoters who know how to…

  • Ad Surf Daily Surrenders; Bowdoin Removes Claim To Tens Of Millions Of Dollars As Autosurf Ponzi Members Grumble

    BREAKING NEWS (UPDATED 9:03 P.M) Dogged by the government since August and a loser in early skirmishes with prosecutors, AdSurfDaily has done what it said it wouldn’t do: surrendered claims to tens of millions of dollars seized by the Secret Service in a Ponzi scheme investigation. Lawyers for ASD President Andy Bowdoin have filed a…

  • Roster: Are These Autosurfs In Litigation? Troubled?

    Back in August we began to cover AdSurfDaily Inc., a Florida company accused of being an illegal enterprise. Federal prosecutors said ASD, an autosurf, was selling unregistered securities by calling itself an “advertising” company and running a $100 million Ponzi scheme. A sister site, LaFuenteDinero, was named in the same federal forfeiture complaint. So was…