Guilty Plea Comes in $110 Million Online Ponzi Scheme Case
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.