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Category: The Economy

Bowdoin ‘Most Interesting’ Figure In ASD Story; Prosecutors’ Court Wins Have Secured Control Over More Than 99 Percent Of Liquid Assets In Forfeiture Cases

EDITOR’S NOTE: This story is about the “Most Interesting ASD Figure” poll conducted by the PP Blog. It also includes data from court files that suggest federal prosecutors have won court battles that have secured control over more than 99 percent (99.2 percent) of the liquid assets available in the ASD/Golden Panda civil-forfeiture cases —…

Jan 11, 2010
‘Professor’ Patrick Moriarty, AdSurfDaily Mainstay, Pleads Guilty In Federal Tax Case; April Sentencing Date Set

AdSurfDaily mainstay “Professor” Patrick Moriarty has pleaded guilty in federal court in Missouri to filing a false tax return, federal prosecutors said. “The total tax loss admitted by [Moriarty] is $135,697,” prosecutors said. Prosecutors initially brought multiple tax-fraud counts against Moriarty, saying in March 2009 that he had filed false returns for the years 2002,…

Jan 10, 2010
SUNDAY NEWS AND NOTES: South Carolina Ponzi Victims Included Widows, Alzheimer’s Patients, Seniors And Amputee; ‘Shocks The Conscience,’ FINRA Says

EDITOR’S NOTE: These briefs are based on information from recent Ponzi or fraud schemes. As noted yesterday and previously, the United States has formed a Financial Fraud Enforcement Task Force. Cases such as the ones below are part of the reason why. SOUTH CAROLINA AND TENNESSEE: Among the more than 30 victims in the Oren…

Jan 10, 2010
FREE: PDF Handout On Financial Fraud Enforcement Task Force; Document Compiles President’s Executive Order And Attorney General’s Speech In Florida

Dear Readers, UPDATED 11:50 A.M. ET (U.S.A.) There were reports yesterday that things have become so strange at Florida-based AdSurfDaily that a convicted sex offender has emerged as a sort of PR voice for the company. ASD is implicated by the Department of Justice in a $100 million Ponzi scheme, amid allegations of wire fraud,…

Jan 9, 2010
SHOCKING: SEC Says Illinois Investment Adviser And Movie Producer Raided Account Of 96-Year-Old Nursing Home Patient With Dementia; Steve Salutric Ponzi Diverted $321,000 To His Church

A federal judge has frozen the assets of Illinois investment adviser Steve Salutric in a Ponzi scheme case in which the allegations are shocking. Salutric, 51, a church treasurer who took a stab at the fim business and co-produced the 2005 movie “Madison” starring Jim Caviezel and Bruce Dern, raided the account of a 96-year-old…

Jan 8, 2010
SEC: Man Switches Company Name For Offering, Buys Autodialer And Database For 17K, Targets Wealthy Investors, Racks Up $1.4 Million Before Scheme Collapses

UPDATED 6:15 P.M. ET (U.S.A.) A California man ordered by five states to cease and desist from selling unregistered securities started using a different corporate name, bought an autodialer and database with the names of wealthy investors for $17,737 and used it for at least six months to fleece clients before the scheme collapsed in…

Jan 8, 2010
KA-BOOM! SEC Files Emergency Action In Alleged Richard Elkinson ‘Uniform’ Ponzi Scheme; U.S. Attorney General Warns Fraudsters, ‘You Are Writing Your Ticket To Jail’

Ka-boom! A federal judge has frozen the assets of alleged Ponzi schemer Richard Elkinson, accused of fleecing investors in Massachusetts by telling them he brokered deals for government uniforms and uniforms worn by Olympic athletes. Meanwhile, the attorney general of the United States ventured to Florida today and gave a dramatic speech at the Forum…

Jan 8, 2010
Now, A ‘Concert’ Ponzi Scheme: FBI Says Miko Dion Wady Of Arizona Claimed Bogus Tie To The Rolling Stones, Barbra Streisand, Mary J. Blige To Lure Investors

If this were Forrest Gump and the subject were Ponzi schemes instead of shrimp, Benjamin Buford “Bubba” Blue might say something along these lines: There are ‘advertising’ Ponzi schemes, ‘printing’ Ponzi schemes, CD Ponzi schemes, ‘billboard’ Ponzi schemes, Ponzi schemes claiming that ‘uniforms’ are being purchased for prisons and police agencies, ‘Big-Box Retailer’ Ponzi schemes,…

Jan 7, 2010
EDITORIAL: In The End, Surf’s Up Demonstrated That All Its Members Were Expendable And That Its Heart Beat Only For Bowdoin And A Limited Few

On Nov. 27, 2008, just eight days after a federal judge ruled that Florida-based AdSurfDaily had not demonstrated it was a lawful business and not a Ponzi scheme, ASD gave its official endorsement to the Surf’s Up forum, which suddenly went missing last week after shilling for ASD President Andy Bowdoin 24/7 for more than…

Jan 7, 2010
Judge Signs Forfeiture Order In AdSurfDaily Case; Gives Government Title To $65.8 Million In Bowdoin Bank Accounts; Case Resolved In ‘Entirety’

After more than 17 months, more than 165 court filings and more than $1 million in legal fees, ASD President Andy Bowdoin has lost the August 2008 civil forfeiture case and the government has been granted title to $65,838,999.70 seized from Bowdoin’s 10 Bank of America accounts. U.S. District Judge Rosemary Collyer, whom Bowdoin attempted…

Jan 7, 2010
Massachusetts Secretary Of State Seeks C&D Order, Disgorgement Against Individuals, Company That Helped Richard Elkinson Sell Alleged Ponzi Scheme

In a case that may cause worry among autosurf and HYIP enthusiasts who earn sales commissions, Massachusetts Secretary of State William Galvin has sent the state Securities Division after the profits earned by two individuals and a company that recruited investors into the alleged Richard Elkinson Ponzi scheme. Galvin’s office filed civil papers today that…

Jan 6, 2010