An experienced investment fraud attorney reports on a Florida man who has
pleaded guilty to wire fraud in a $110 million online
Ponzi scheme case.
Thomas A. Bowdoin has pleaded guilty to charges related to an alleged $110
million Ponzi scheme. Prosecutors accused Bowdoin of running the scheme
online through AdSurf Daily, Inc., an internet advertising company.
According to prosecutors, Bowdoin duped investors by claiming to be a “money
magnet” who could bring investors big returns. He allegedly promoted
himself and his business model at rallies to bring in investors. Unfortunately,
prosecutors believe that all of this was cover for a Ponzi scheme and
that investors were actually being paid with cash from new investors.
It is also alleged that Bowdoin failed to tell investors that he had three
previous felony convictions related to securities on his record. In fact,
he allegedly claimed that his only previous offense was a traffic violation.
Furthermore, Bowdoin is said to have encouraged the belief that he received
a medal from President Bush for his achievements; however, it is alleged
that he actually purchased the medal with his investors’ cash.
Bowdoin is suspected of using the remainder of investors’ cash for
his own personal use, including a lake house and expensive vehicles. Although
the sentencing hearing has not yet been scheduled, he is schedule for
a pre-sentencing hearing in June.
Ponzi schemes like the one alleged in this case happen every day, and it
is the innocent investors who suffer. If you have suffered investment
losses and suspect that you may be a Ponzi scheme victim, don’t
hesitate to get in touch with a skilled
investment fraud attorneyas soon as possible to discuss your potential case.