The U.S. Attorney’s Office in Washington, D.C. has indicted a Florida man in a $110 million Internet Ponzi scheme.
Federal authorities arrested Thomas A. Bowdoin Jr., the founder of AdSurf Daily, Inc., on charges of wire fraud, securities fraud and unlawful sale of unregistered securities.
Bowdoin, 76, originally of Quincy, was arrested last week at an Englewood apartment he rented. Investigators say Bowdoin ran an Internet Ponzi scheme disguised as an online advertising company that “drew in large numbers of investors by promising huge returns on their monies,” according to a U.S. Department of Justice press release (.pdf).
In convicted, Bowdoin faces up to 125 years in prison and a $6.2 million fine.