Tuesday, August 25, 2009
Ad Surf Daily's president wraps up negotiations as eleventh hour approaches.
The president of 'Ad Surf Daily' (ASD) hammered out last minute negotiations with his attorney today as they deliberated the fate of millions of dollars seized by the government. Attorney Charles A. Murray (below) represents Ad Surf Daily and its president Andy Bowdoin (left).
This afternoon, the two contemplated their next move as Friday's court deadline approaches. Bowdoin and his attorney are deciding whether to grant the government ownership of ASD's assets or if Bowdoin should continue fighting to keep the funds. Either way, Bowdoin maintains he will "give the money back to the people." US Department of Justice officials say it would be easier if Bowdoin released his claim on the funds and transferred them to the government because that way the government could distribute the money to ASD members accordingly.
If Bowdoin chooses to continue the case and fight, US District Judge Rosemary Collyer will review the file on Friday and determine if the US Attorney General's case against ASD should move forward.
Last year the US AG's Office determined Bowdoin’s internet marketing firm was a 'ponzi scheme' and the government seized $53M (fifty three million dollars) from several Bank of America accounts Bowdoin claims were designated to maintain ASD funds.
US Department of Justice Senior Trial Attorney William R. Cowden maintains ASD is a ponzi because it can only stay in business if new paying members join the company.
After federal investigators seized ASD's assets in August 2008, Cowden says Bowdoin met with federal officials, reviewed the evidence against him and agreed to release the company cash and assets to the Government. A few months later Cowden says ASD's president "changed his mind and now wants to keep the money."
This past January Bowdoin filed a waiver to reclaim the assets. Attorney Charles Murray says Bowdoin made the wrong decision to give up the money in the first place because he had received some bad legal advice from previous attorneys. Murray also blames federal investigators for the harsh manner in which they interrogated his client, "They scared the heck out of Andy Bowdoin, he signed the papers saying he waived the money and he felt he was sold out by his attorneys."
ASD is estimated to have upwards of 125,000 members and many purchased 'ad packs' from the company while attending ASD rallies.
Many ASD members still support Bowdoin and believe the company is a legitimate 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."
The United States Department of Justice has 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:
or contact the DOJ by emailing information to the Department at 'email@example.com'.