PatrickPretty.com

Category: The Economy

  • BREAKING NEWS: Natures Discount Drops RICO Lawsuit Against Bowdoin, Busby, Garner

    Natures Discount, a former AdSurfDaily advertiser, has dropped a racketeering lawsuit it brought in November against ASD President Andy Bowdoin, Golden Panda President Clarence Busby, and Robert Garner, an attorney who appeared in a video touting ASD’s legality. Bank of America also was named a defendant in the Natures Discount complaint, though not as a…

  • MegaLido: Is There An ‘Instant2U.com’ Tie?

    In the weeks following the seizure of cash and property linked to AdSurfDaily Inc., some former members of ASD turned their attention to promoting MegaLido. MegaLido was pushed as a safe, offshore alternative to ASD and Golden Panda, and a way to make up ASD/Golden Panda losses that stemmed from the government seizure of cash…

  • Senior Citizens Dominate Ponzi Headlines

    BLOG UPDATE 10:02 P.M. EST (U.S.A.): This post has been updated with information on Ronald Keith Owens, 73, who was just sentenced to 60 years in prison for running a “prime bank” Ponzi scheme promising huge returns out of the Bahamas. See update at bottom of post. Here, directly below, our earlier post . .…

  • 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…

  • 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…