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  • EDITORIAL: AdSurfDaily Refund Procedure Takes Weapon Away From Serial Ponzi Autosurf Promoters

    The government has established a refund procedure for the AdSurfDaily, LaFuenteDinero and GoldenPandaAdBuilder Ponzi case that requires victims to file petitions for remission or mitigation. Petitions must be filed in writing and under oath. The government will provide instructions. Patience is required because the case has not been litigated to conclusion. “Under Section 9.8(a)(1) and…

  • Edward Purvis, Head Of ‘Christian’ Group, Indicted For Running Ponzi Scheme; Case Has Echoes Of Ad Surf Daily Probe

    In a complex case apt to remind some members of AdSurfDaily about strange twists and turns the ASD case has taken, an Arizona man has been indicted on charges of running a Ponzi scheme that fleeced Christians. Edward Anthony Purvis was accused of setting up the Ponzi through an organization known as Nakimi Chi Group…

  • ASD: Spending Spree Coincided With 2-for-1 Las Vegas Rally

    Less than two weeks after a May 31 AdSurfDaily rally concluded in Las Vegas, ASD funds were used to retire a $157,000 mortgage. Another $62,000 was used to purchase two cars — a 2008 Honda CRV and a 2009 Acura, federal prosecutors said. The beneficiaries of the mortgage retirement and the Honda were George and…

  • Donald Manning, President Of Purported Offshore Investment Firm, Faces 10 Years In Prison, $500,000 Fine

    BLOG UPDATE 8:51 P.M. EST (U.S.A.): We’ve updated this post to note that Donald Manning, who pleaded guilty yesterday to running a Ponzi scheme, was captured in February 2008 — in Nicaragua. Cameron Campbell, a Manning Ponzi co-defendant, is a former attorney from La Jolla, Calif. See an FBI news release at the bottom of…

  • Former Texas Bail-Bondsman Charged In $45 Million Ponzi Swindle

    In the aftermath of a probe by the Securities & Exchange Commission and the FBI, a former Texas bail-bondsman has been accused of swindling investors — many of them senior citizens — out of millions of dollars. Rod Cameron Stringer was named a defendant in an SEC complaint filed yesterday in Texas. Stringer claimed his…

  • BREAKING NEWS: SEC Charges Nadel With Fraud

    Breaking News 2:24 p.m. EST (U.S.A.). The Securities & Exchange Commission has just accused missing fund manager Arthur Nadel of fraud. “Nadel provided false and misleading information for dissemination to investors about the Funds’ historical returns and falsely overstated the value of investments in the Funds by approximately $300 million,” the SEC said. “In contrast,…

  • 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.,…

  • Congratulations, Mr. President

    Barack Obama took the oath of office shortly after noon (EST) today and became the 44th President of the United States. At 12:03 p.m., WhiteHouse.gov transitioned from Bush administration content to content provided by the Obama administration. The new WhiteHouse.gov has the feeling of a Blog. There are prompts, for example, that say “Read this…

  • 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,…