PatrickPretty.com

Day: January 11, 2010

Default Notice Entered In December 2008 Forfeiture Action Against AdSurfDaily-Connected Assets; Final Forfeiture Is Pending

UPDATED 8:31 P.M. ET (U.S.A.) Federal prosecutors today asked the Clerk of U.S. District Court for the District of Columbia to enter a default notice for assets seized in the December 2008 forfeiture complaint against AdSurfDaily. The clerk entered the notice, and the forfeiture of the property is pending. It will be finalized when U.S.…

Jan 11, 2010
SEC Goes After $42 Million In Alleged Ill-Gotten Gains From Arthur Nadel Ponzi; Neil And Christopher Moody Accused Of A Reckless Lack Of Due Diligence And Misleading Investors

UPDATED 5:12 P.M. ET (U.S.A. JAN. 12) So, you want to mislead your clients about your role in your business,Â rely on the assertions of your business colleague and not perform thorough due diligence and double-check his claims that your investors are making enormous profits? Want to say later — after a Ponzi scheme collapses —…

Jan 11, 2010
Iranian-Americans Targeted In Beverly Hills Investment- And Affinty-Fraud Scheme, SEC Says; Debentures Program Allegedly Pitched On Persian-Language Radio Show

UPDATED 7:03 P.M. ET (U.S.A. JAN. 12) A Beverly Hills radio host pitched his fraud scheme in Persian and targeted Iranian-Americans in Greater Los Angeles, the SEC said today. Client funds were used to build a mansion for John Farahi, 52, and and his wife, Gissou Rastegar Farahi, 50, the agency said. Client funds also…

Jan 11, 2010
RECEIVER REPORT: Jet Ski Owned By Noobing Autosurf’s Parent Company Fetches $1,800 At Auction; Office Equipment Fetches $12,500

A court-appointed receiver has described the accounting records of Affiliate Strategies Inc. (ASI) as a mess, saying “an opinion on the accuracy of these records is not possible without an extensive audit that would require significant additional costs.” ASI is the parent company of the Noobing autosurf, which targeted deaf people in sales promotions. ASI…

Jan 11, 2010
Bowdoin ‘Most Interesting’ Figure In ASD Story; Prosecutors’ Court Wins Have Secured Control Over More Than 99 Percent Of Liquid Assets In Forfeiture Cases

EDITOR’S NOTE: This story is about the “Most Interesting ASD Figure” poll conducted by the PP Blog. It also includes data from court files that suggest federal prosecutors have won court battles that have secured control over more than 99 percent (99.2 percent) of the liquid assets available in the ASD/Golden Panda civil-forfeiture cases —…

Jan 11, 2010