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Tag: Golden Panda forfeiture

  • BULLETIN: Judge Orders Golden Panda Forfeiture

    UPDATED 3:23 P.M. EDT (U.S.A.) A federal judge has issued an order that formalizes the forfeiture of more than $14 million from Golden Panda Ad Builder to the U.S. government.

    The ruling means that $14,048,598.07 seized from five Golden Panda bank accounts in the names of Clarence Busby or Dawn Stowers now belongs to the United States.  The money was seized as part of the probe into the affairs of AdSurfDaily Inc., a Florida company prosecutors said was engaging in wire fraud, money-laundering and the sale of unregistered securities — all while operating a Ponzi scheme.

    One of the Golden Panda accounts contained precisely $6 million.

    See our June 2 story about prosecutors’ request for a formal forfeiture order.

    Read the judge’s forfeiture order.

  • BREAKING NEWS: Prosecutors Seek Final GP Forfeiture Order

    Federal prosecutors have asked U.S. District Judge Rosemary Collyer for an order that would finalize the forfeiture of more than $14 million seized from Golden Panda Ad Builder last year as part of the AdSurfDaily case.

    Golden Panda, whose president was Clarence Busby, amassed the amount in only days. The final sum, taking credits and offsets into account, was $14,048,598.07.  The government seized five Golden Panda accounts in all, including one that contained precisely $6 million.

    If Collyer signs the order, it would mean that the government gets final possession of the money. It also would mean that the government would be one step closer to implementing a refund procedure for for members who certified they were crime victims.

    A timeline for the full implementation of a refund program is far from clear because ASD President Andy Bowdoin and various pro se litigants are still fighting the forfeiture.

    More than $65.8 million was seized from Bowdoin accounts, including three accounts that contained the exact same amount: $1,000,338.91.

    Bowdoin’s largest account contained more than $31.6 million. Another Bowdoin account contained more than $23.7 million. A third Bowdoin account contained more than $4.99 million. (An additional $107 would have made it an even $5 million.)

    Ten Bowdoin accounts were seized in all.