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Judge Issues Final Order of Forfeiture For Additional Assets Associated with ASD/Golden Panda Ponzi Schemes

On Wednesday, March 31, 2010, United States District Judge Rosemary M. Collyer issued an order declaring forfeited to the United States government additional assets and funds associated with the “Ad Surf Daily” (“ASD”) and “Golden Panda” internet-advertising-based “Ponzi”-style fraud.

This is the third such forfeiture order that Judge Collyer has issued in the ASD and Golden Panda civil forfeiture cases. This order came in the case captioned United States v. 2 North Adams Street, etc., et al., No. 1:8-cv-02205-RMC, which was heard in the United States District Court for the District of Columbia. This case is sometimes called “ASD-II” to distinguish it from another civil forfeiture action against ASD and Golden-Panda-related assets, which is captioned United States v. 8 Gilcrease Lane, Quincy, Florida, etc., et al., No. 1:08-cv-01345-RMC. The “Gilcrease Lane” case is sometimes called “ASD-I” and was also heard in federal court in the District of Columbia.

The assets declared forfeited in Judge Collyer’s April 1, 2010, order are:

(1) real property on North Adams Street, Quincy, Florida;
(2) real property on Cactus Street, Tallahassee, Florida;
(3) about $634,000 that had been in a bank account in Golden Panda Ad Builder’s name;
(4) a 2009 Lincoln automobile registered in Florida;
(5) a 2008 20-foot cabana boat along with a 2008 Mercury speed motor, and a 2008 boat trailer;
(6) two 2007 Bombardier jet skis;
(7) a 2009 Acura automobile registered in Florida;
(8) a 2008 Honda automobile, registered in Florida; and
(9) all computers and related equipment that law enforcement agents seized from a place on Calhoun Street, Quincy, Florida, in August 2008.

On January 4, 2010, Judge Collyer declared forfeited to the United States about $65 million in funds seized from bank accounts associated with the internet-based fraud. That followed an earlier order by Judge Colyer in July 2009 forfeiting more than $14 million in funds seized from other bank accounts associated with the fraud. As of April 1, 2010, both federal forfeiture actions associated with ASD and Golden Panda have been concluded before Judge Collyer in the trial court. An appeal from these rulings might affect how fast any of the forfeited funds can be released to fraud victims, which could take a year or longer. On March 1, 2010, Thomas A. Bowdoin, Jr., Adsurf Daily, Inc., and Bowdoin/Harris Enterprises, Inc., noted an appeal of forfeiture in the ASD-I case to the United States Court of Appeals for the District of Columbia Circuit.

Judge Collyer’s final order of forfeiture in the ASD-I case can be read by clicking on “Final Order of Forfeiture 1- 08-cv-1345-RMC.pdf.” Judge Collyer’s final order of forfeiture in the ASD-II can be read by clicking on “Final Order of Forfeiture 1:08-cv-2205-RMC.pdf

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