Early Tuesday morning Quincy, Florida was abuzz with U.S. Secret Service agents.
They were in town to serve search warrants at 11 South Calhoun Street and at the home of Andy and Faye Bowdoin, 8 Gilcrease Road, Lake Talquin, south of Quincy. Andy Bowdoin is listed as the president, secretary and treasurer of the local internet ad company, ASD Cash Generator (Ad Surf Daily, Inc.).
Secret Service agent Robert Munson, resident agent in charge at the scene, stated that there was an ongoing investigation involving the web-based business. He stated that at this time he was not at liberty to discuss the case. However, there were a number of agents on hand going in and out of the ASD complex and all of the company’s employees apparently had been sent home.
According to the Secret Service website, the Secret Service can investigate crimes involving the internet. The website states: Secret Service’s ECTF and Electronic Crimes Working Group initiatives prioritize investigative cases that involve electronic crimes. These initiatives provide necessary support and resources to field investigations that meet any one of the following criteria:
• Significant economic or community impact;
• Participation of organized criminal groups involving multiple districts or transnational organizations;
• Use of schemes involving new technology.
The Gadsden County Sheriff’s Office assisted in serving the warrants but GCSO Lt. Jim Corder stated the sheriff’s department had no comment about the ongoing investigation at this time.
There had been a number of complaints concerning ASD, according to news sources. The web-based ad generating business, according to a July press release concerning the business, said it was started in 2006 by Andy Bowdoin and his wife Faye. At the time of the press release, Bowdoin stated the company had 60 employees, 75,000 members and sales of $40 million. Sales were expected to reach $100 million by the end of the year.
ASD’s website stated Friday afternoon that, under the direction of the U.S. Attorney’s Office of the District of Columbia, it could not move funds in or out of company accounts. The organization would resolve the problem and return to normal operations, the website stated.
According to Tulsa Today in Tulsa, Oklahoma, a web-based news service and the first news source to question ASD’s operations, a large meeting of ASD associates was planned for Tulsa on August 23.
Editor David Arnett said he had received a number of complaints about the organization and decided to investigate the company. You can view his articles concerning ASD [click for "ASD Cash Generator considered fraud
" published Tuesday July 15th or click for "Feds halt ASD Cash Generator
" published Sunday August 3rd.
According to a U.S. Attorney’s press release, a complaint was filed that a massive Internet-based wire fraud scheme was being operated by Thomas A. Bowdoin, Jr. and others out of a former flower shop located in Quincy, Florida. According to the complaint, Bowdoin, through his company, AdSurfDaily, Inc., which operates on the Internet as ASD, operated a Ponzi scheme that he masked as an advertising company.
Ponzi schemes operate on the "Rob-Peter-To-Pay-Paul" principle – money from new investors is used to pay off earlier investors until the whole scheme collapses.
At press time there had been no arrests made.