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Category: Alleged Ponzi Schemes

SEC Says It Missed Chance To Unravel Madoff Scheme; Probe Indicates Madoff Cooked Books And Falsified Docs

BLOG UPDATE 12:12 P.M. EST (U.S.A.): A bail hearing for Bernard Madoff rescheduled for today has been canceled. Madoff was ordered last week to produce two additional co-signers to guarantee his $10 million bail, but was unable to come up with them. A federal judge, with consent of the prosecution, now has ordered Madoff placed…

Dec 17, 2008
Bowdoin/Madoff Alleged Ponzis: Just ‘Andy’ And ‘Bernie’

UPDATE 1:03 PM EST (U.S.A.): Quoting Stephen Harbeck, president and chief executive officer of the Securities Investor Protection Corp. (SIPC), Bloomberg News is reporting that Bernard Madoff’s financial records are “utterly unreliable.” We’ve added a link at the bottom of the post. Here, below, our earlier post . . . If you’ve been following the…

Dec 16, 2008
SIPC To Liquidate Bernard L. Madoff Investment Securities

A federal judge has appointed a trustee to liquidate Bernard L. Madoff Investment Securtites under the auspices of the Securities Investor Protection Corp. (SIPC). SIPC went to court earlier today to seek liquidation. Irving H. Picard will serve as trustee. The law firm of Baker & Hostetler will serve as counsel to Picard. “I will…

Dec 15, 2008
BREAKING NEWS: AdSurfDaily Says Judge Lacks Jurisdiction

AdSurfDaily Inc. has filed a defense in the civil-forfeiture case brought by the U.S. Secret Service and federal prosecutors in Washington, D.C. The firm is asking for a jury trial. Among the most interesting defenses is that the case was brought in the wrong court — U.S. District Court for the District of Columbia —…

Dec 15, 2008
Bowdoin, Busby, Garner: Still No Attorneys In RICO Case

Nearly a month after being named defendants in a civil racketeering lawsuit filed in Florida, Ad Surf Daily President Andy Bowdoin, Golden Panda President Clarence Busby and ASD attorney Robert Garner have not filed notice with the court naming their attorneys. Such notices typically are filed by the attorneys themselves and are designed to notify…

Dec 15, 2008
Madoff Victims Include Foundations, Business And Entertainment Icons, Mom And Pop

The foundation of Nobel laureate Elie Wiesel and a charity operated by Hollywood icon Steven Spielberg were among the potential victims of Bernard L. Madoff Investment Securities, the Wall Street Journal reported today. Madoff, 70, was arrested last week. He is charged with defrauding investors and acknowledged he’d been running a giant investment Ponzi scheme…

Dec 15, 2008
Judge Orders Freeze Of Madoff’s Assets; Investigators Will Try To Determine If Funds Were Co-Mingled In Ponzi Scheme

UPDATE DEC. 14, 7:51 A.M. EST (U.S.A.): Forbes.com is quoting a lawyer from Akerman Senterfitt on the Bernard Madoff case. Akerman Senterfitt is representing Andy Bowdoin in the Ad Surf Daily Ponzi scheme case. The attorney quoted at Forbes.com is being quoted in a general sense as an expert in unraveling Ponzi schemes. We reported…

Dec 14, 2008
Giant Wall Street ‘Ponzi Scheme’ Collapses; Potential Losses In Madoff Fraud Pegged at $50 Billion Amid ‘One Big Lie’

And you thought AdSurfDaily members had problems, having been told their money was part of a $100 million Ponzi scheme. Former Nasdaq Chairman Bernard Madoff has been accused of running a monumental Ponzi scheme that sustained itself for years based on his reputation. Socialites from Palm Beach, New York’s celebrity elite, endowments, European banks and…

Dec 13, 2008
Transition Progresses: No ASD Court Updates Yesterday

We checked Judge Rosemary Collyer’s docket in the AdSurfDaily case several times yesterday. The most recent entry was the Dec. 3 denial of “Leave to File” directed at an unnamed party. The party who was denied had attempted to file a motion to void judgment. On Nov. 20, Judge Collyer issued a separate denial of…

Dec 12, 2008
AdSurfDaily Readers: We’re In Transition

Dear Readers, A good number of you have been following our coverage of AdSurfDaily and the forefeiture complaint filed by federal prosecutors. The URL for the “old” PP Blog should be redirecting here now. We are converting to WordPress and will be using a magazine-style theme to discuss writing, marketing, branding and topics of interest…

Dec 11, 2008