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BREAKING NEWS: Justice Department Establishes Information Hotline For AdSurfDaily, GP, LFD Victims

Victim of the alleged AdSurfDaily autosurf Ponzi scheme? Want the latest information about claims and how the proposed restitution program is shaping up? The Department of Justice has established a special telephone number for the ASD case. By calling the number, you’ll hear a recording that updates members on developments in the case, which involves…

Nov 13, 2009
BREAKING NEWS: Two Madoff Computer Programmers Charged With Conspiracy For Enabling Massive Ponzi Scheme

Federal prosecutors and the FBI demonstrated again this morning that people who enable Ponzi schemers are subject to arrest and prosecution. Today’s announcement that two computer programmers for Bernard Madoff have been charged with serious felonies could send shockwaves across the so called autosurf “industry,” which relies heavily on computers and programming tweaks to fleece…

Nov 13, 2009
‘MISPRISION OF FELONY’: Could It Be Used In Autosurf Ponzi Cases? Feds Trot Out Old-Fashioned Law To Combat Ponzi Epidemic; Georgia Woman Gets Jail Time

It’s called “misprision of felony” under Section 4 of the U.S. Code, and here’s how it reads: “Whoever, having knowledge of the actual commission of a felony cognizable by a court of the United States, conceals and does not as soon as possible make known the same to some judge or other person in civil…

Nov 12, 2009
Defendant In $50 Million Texas Ponzi Taken Into Custody

A previous encounter with the Securities and Exchange Commission and a $50,000 fine did not stop Benny Lee Judah from selling unregistered securities, and now Judah has been taken into federal custody. Judah, 50, of Lubbock, Texas, pleaded guilty today to one count of money laundering and one count of sale and delivery after sale…

Nov 12, 2009
Scott Rothstein Ponzi/Fraud Probe May Involve $1 Billion

The probe into the business affairs of Fort Lauderdale attorney Scott Rothstein may involve more than $1 billion directed to a Ponzi and fraud scheme, the FBI said today. Earlier estimates had placed the total at up to $500 million, and the FBI has made a public appeal for potential victims to provide information. Separately,…

Nov 12, 2009
EDITORIAL: Bowdoin, Family Suffered Second Legal Blow Yesterday; August AND December Cases Will Proceed To An Outcome Apt To Send A Chill Across ‘Surfing’ Universe

Yesterday’s ruling by a federal judge that AdSurfDaily President Andy Bowdoin would not be permitted to change his mind about submitting to the forfeiture of tens of millions of dollars in a case brought in August 2008 dealt the embattled surf firm a crippling blow. But a virtually unnoticed ruling yesterday by Judge Rosemary Collyer…

Nov 11, 2009
BREAKING NEWS: Judge Denies Bowdoin’s Bid To Reenter AdSurfDaily Case; Says ASD President’s Claims Lack Merit

UPDATED 5:18 P.M. ET (U.S.A.) A federal judge has denied the bid of AdSurfDaily President Andy Bowdoin to reverse his decision to forfeit tens of millions of dollars to the government in a case that features allegations of wire-fraud, money-laundering and operating a Ponzi scheme. “As Mr. Bowdoinâ€™s own descriptions of events fail to support…

Nov 10, 2009
BREAKING NEWS: FTC Seeks Contempt Sanction Against Lawyer For Charles Castro Ponzi Scheme; Says Retainer Paid To Jeffrey Benice Came From Ponzi Proceeds

UPDATED 3:17 P.M. ET (U.S.A.) The Federal Trade Commission has asked a federal judge to find attorney Jeffrey S. Benice in contempt of court for failing to turn over $238,300 to a victims’ compensation pool as required. Benice represented Charles Castro in the Network Services Depot Ponzi scheme involving the sale of Internet kiosks. The…

Nov 10, 2009
Alleged Scott Rothstein Ponzi Probe Unfolding Like ASD Case; Forfeiture Proceeding Filed, But No Early Arrest

Federal prosecutors and agents today began the process of seizing assets from Florida attorney Scott Rothstein, amid allegations he had been operating a Ponzi scheme involving hundreds of millions of dollars since 2005. The early probe is shaping up in largely the same way as the early probe into AdSurfDaily, a Florida business accused last…

Nov 10, 2009
BREAKING NEWS: Prosecution Says It Will Seek Default Judgment Against ASD Assets Named In December 2008 Complaint; Asserts Bowdoin, Others Were Served ‘Direct Notice’ In January 2009, But Did Not File Claims To More Than $1 Million In Property Paid For By Members

UPDATED 8:09 A.M. ET (NOV. 7 U.S.A.) Easy come, easy go? ASD President Andy Bowdoin and unnamed others were served “direct notice” in January 2009 of a forfeiture complaint filed in December 2008 but did not file claims to property the government intends to seize as proceeds of a crime, federal prosecutors said this morning.…

Nov 6, 2009
Another Massive Ponzi Scheme Probe Under Way In Minnesota; Case Reminiscent Of Alleged Ponzis Of Tom Petters, Matthew Scott And Andy Bowdoin

Gerard Frank Cellette Jr. is suspected of operating a Ponzi scheme that involved tens of millions of dollars and was based on bogus printing contracts, prosecutors in Minnesota said yesterday. Cellette, 44, of Andover, Minn., owes investors at least $53 million, according to the felony complaint filed by the office of Hennepin County Attorney Mike…

Nov 6, 2009

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