AD Surf Daily Scam Exposed - Reprieve of 12 Daily Pro
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Catherine Holahan, writes at Businessweek, about AD Surf Daily:
"Sonny Pham, 50, may have dismissed Ad Surf Daily (ASD) as just another online get-rich-quick scheme--if he hadn't seen the Web videos. YouTube had dozens. Some featured company founder, 74-year-old Thomas "Andy" Bowdoin, describing in a folksy twang how his "business opportunity" had helped thousands generate "excellent" profits.
...
On Aug. 5, federal investigators raided ASD's Quincy (Fla.) office and the Bowdoin home, and filed a civil complaint against the company.
The U.S. Attorney's office in Washington, D.C., alleges in the suit that ASD defrauded more than 100,000 people with promises of online riches.
Prosecutors, who seized more than $53 million in ASD assets from Bank of America (BAC), had been alerted to the alleged scam by numerous complaints, including many from children whose parents had been enticed by ASD's online promotional material.
"They called it an advertising company," says William Cowden, chief of the asset forfeiture unit for the District of Columbia U.S. Attorney. "Ad Surf Daily was a Ponzi [scheme]."
I have long thought that these ponzi schemes which are international in scope are probably money laundering schemes - they aren't intended to make the promoter money.
Since they operate over the internet, using money transmitters like E-Gold, who just recently pleaded to guilty to money laundering, these ponzi schemes allow someone to "invest" $2,000 in dirty money in Country A, having a confederate withdraw it in Country B, having it cleaned through a money transmittal like E-Gold.
The receiver in the 12 Daily Pro case puzzled over the fact that several hundreds of millions of dollars were apparently invested in the scheme by Indonesians.
As far as I could tell the FBI never investigated the money laundering angle.
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Comments
Have you read the Florida and US complaints?
There appears to be no underlying business to ASD other than money laundering.
Posted by: michael webster
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August 24, 2008 10:39 AM
By reading the above article I cannot help but wanting to scream about the bunch of lies posted.
ASD is a true and honest business which "had" retributed as promised to all of his members until being "wrongfully" acused and shot down under the false asumption of being a ponzi and money laundering scheam.
It is so sad to see how people can manipule the information to their advantage with the purpose of destroying other business claiming to have done it to protect US citizens... who are you protecting really??? I speak in the name of 100,000 ASD members who are angered and outraged because of the false claims and unjust actions committed by the US government against Ad Surf Daily
Posted by: Lilia | August 22, 2008 12:53 PM