09 August 2008

Ad company accused of bilking Tampa investors

Tampa Bay Business Journal
A lawsuit was filed against AdSurfDaily Wednesday claiming it operated a pyramid scheme against consumers in Tampa and Miami.

The suit was filed by the state attorney general’s office and is seeking civil damages on behalf of what it says are victims as well as an injunction preventing AdSurfDaily president Andy Bowdoin Jr. and its employees from engaging in any further deceptive marketing.

The lawsuit comes soon after the U.S. Secret Service raided the company’s headquarters in Quincy Aug. 5 and froze $53 million in bank accounts held by the company.

The attorney general’s office claims that AdSurfDaily conducted a multi-level marketing scheme that depended on new investments to fund returns, since the company had insufficient funds itself to support the returns promised.

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