MOULTRIE — Former investors in an Internet Web site identified by federal prosecutors as a Ponzi scheme can notify authorities of losses incurred with the hope of recouping some of the money.
The U.S. Attorney’s Office for the District of Columbia in August seized $53 million in assets from various companies and company officials.
The latest news release from the Justice Department relates to one of those companies, Golden Panda Ad Builder.
A number of Colquitt County residents put money into AdSurfDaily and Golden Panda, Internet sites that promised payouts to customers for viewing advertising material on the Internet.
On Thursday, the only page on the Golden Panda Ad Builder Web site was an announcement that the company has ceased operation.
It also announced that on Sept. 22 it agreed to withdraw its claim to funds seized by the government, to assist in turning over the company’s remaining funds, and to turn over all uncashed checks to the government.
“Having previously ceased operations, Golden Panda has ceased doing business; and Golden Panda has authorized its attorneys to dissolve Golden Panda corporation, thereby causing Golden Panda to cease its existence as a legal entity,” the Web page said. “Following discussions among Golden Panda’s principals, Golden Panda’s own counsel, and the Department of Justice, Golden Panda principals determined to cease operations and to assist the government in restoring funds to individuals who sent funds to Golden Panda.”
The federal lawsuit alleges wire fraud and money laundering in seizing cash in multiple Bank of America accounts, a house in Quincy, Fla., and a condominium in Myrtle Beach, S.C.
“There is reasonable cause to believe that the funds that were contained in the above-identified (Bank of America) accounts and the funds that were used to acquire or maintain the real properties at issue here constitute proceeds of a wide-spread Internet-based Ponzi scheme,” the federal suit said.
The suit named Thomas A. Bowdoin Jr., owner of AdSurfDaily, and Clarence Busby Jr. and Dawn Stowers, doing business as Golden Panda and Ad Builder, as well as the companies themselves.
“The lawsuit filed today alleges that AdSurfDaily, also known as ASD, operated a pyramid scheme, a multilevel marketing operation which depends on new investments to keep the scheme running,” McCollum’s office said in a news release. “The lawsuit claims there were insufficient funds from any legitimate enterprise to support the profits ASD promised to pay.”
The company depended on payments from new victims to make payments to earlier investors, the release said.
The civil action alleges violation of the state’s Deceptive and Unfair Trade Practices Act, and is seeking actual damages for victims and civil penalties. It is not connected with the ongoing federal criminal investigation.
Investors who wish to pursue a claim should provide information to the U.S. Attorney’s Office by e-mail at usadc.adsurfdaily@usdoj.gov. They should include full names, member numbers, total funds paid to Golden Panda and methods of payment. Funds will not be available until a a court issues a forfeiture order.
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