US District Judge Rosemary Collyer
US District Judge Rosemary Collyer granted ‘Ad Surf Daily’s’ president, Andy Bowdoin, more time to continue negotiations in the federal case against him. Both Bowdoin’s attorney and the Assistant U.S. Attorney made the request last week on the basis that the negotiations are still taking place and “more time is needed to come to a solution.”
Judge Collyer previously issued an August 28th deadline for Bowdoin to decide if he would continue to fight for the company’s assets that were seized by federal officials.
Bowdoin’s business model required ASD ‘members’ to purchase ‘ad packs’ in order to participate in the program. Members then received a profit each time they clicked on websites of businesses that advertised with ASD. Last year the US Attorney General’s Office determined ASD was a ‘ponzi scheme’ because it could only generate revenue by having new members pay to participate in the program.
Last year the US AG’s Office determined Bowdoin’s internet marketing firm was a ‘ponzi scheme’ and confiscated $53M (fifty three million dollars) from several Bank of America accounts Bowdoin claims were designated to maintain ASD funds. Bank of America has subsequently been named as a defendant in the federal case against Bowdoin and ASD.
Last week Bowdoin and his attorney, Charles A. Murray, spoke for several hours as they mapped out their next move. Since the seizure, Bowdoin has maintained he would find a way to “give the money back to the people.” ASD is estimated to have upwards of 125,000 members nationwide.
Officials with the United States Department of Justice are hoping Bowdoin will release his claim on the assets and allow the government to assume ownership of the funds. Officials contend the government could then distribute the money to ASD members using carefully controlled methods.
US Justice officials have posted an online form for ASD members who wish to recoup any money they lost while doing business with ASD. Members can fill out the form by going to the government’s website: ‘www.usdoj.gov/usao/dc/Victim_Witness_Assistance/adsurfdaily.html’
or contact the DOJ by emailing information to the Department at ‘usadc.adsurfdaily@usdoj.gov’.
US Department of Justice Senior Trial Attorney William Cowden says the government is now ready to begin distribution of $14M it seized from Golden Panda (GP), another similar company they say was controlled by Bowdoin. In late July, 2009 the US Attorney General’s office completed its investigation into GP and officials say they were able to convince Bowdoin to release GP’s assets to the government. Cowden maintains that Bowdoin voluntarily ‘walked away’ from his claim on the money after reviewing the Government’s evidence against him. Cowden asserts Bowdoin was never offered any deals in exchange and is still subject to criminal charges.
Many ASD members question the government’s motives and refuse to post a claim on funds they have lost. They fear they may be subject to legal implications if they disclose their involvement with ASD and remain hopeful charges will be dropped against Bowdoin and ASD will be back in business. Cowden says it has been difficult for ASD’s members to face the facts, “Every time there’s one of these cases the victims and people are disappointed to find out it’s a fraud.”
Tags: ad surf daily, andy bowdoin, asd investigation, investigative reporter mike mason, reporter mike mason
