Update On Resolution of Golden Panda Case...Update on Resolution of Golden Panda Case: Golden Panda Ad Builder has ceased operation. (We agree). Prior to receiving notice of the Department of Justice's lawsuit against funds seized from Ad Surf Daily/ASD Cash Generator and Golden Panda Ad Builder bank accounts, Golden Panda commenced operations in reliance on representations made by ASD officials (He commenced operations on his own willfulness)and its attorney which indicated that the ASD's autosurf program operated legally and with the approval of SEC attorneys. (ASD did not approach the SEC because we did not need the SEC's approval since we are not a securities company). Before the seizure of its funds, Golden Panda hired independent counsel and asked him to assess every aspect of Golden Panda's business to determine how best to ensure legal compliance. (We applaud this since GP changed the business model and included features i.e. guaranteed 3% daily rebate for the first 30 days). In fact, shortly after the company was incorporated in July of 2008 and long (30 days is not long before) before the government's seizure of Golden Panda's funds, Golden Panda hired independent counsel to evaluate Golden Panda's entire business model and recommend any changes that would ensure legal compliance. (So his lawyers were incompetent or they waited too late and did this include the 3% guarantee rebate?) (ASD broke away from GP because of changes that the GP executives wanted to make to the business model that were not consistent with ASD's business model). The day before the government's seizure, that independent counsel was in Golden Panda's offices reviewing its operations and preparing recommendations for going forward. (They should have not started operations without having this done before the launch). Through the government's complaint, received a few days after the funds were seized, Golden Panda discovered, among other things, that ASD's operation had not been approved by the SEC. (ASD did not need to have SEC approval since it was not offering guaranteed 3% rebates and was not a securities firm). Following discussions among Golden Panda's principals, Golden Panda's own counsel, and the Department of Justice, Golden Panda principals determined to cease operations and to assist the government in restoring funds to individuals who sent funds to Golden Panda. (Since the Owner has a prior SEC conviction and was prohibited from operating a security company he was forced to surrender the funds and comply with the DOJ). In particular, Golden Panda has taken the following steps, effective immediately, September 22, 2008: (1) Golden Panda has agreed to withdraw its claim to funds seized by the United States and to aid the United States in acquiring possession of Golden Panda's remaining funds, as well as to information concerning its former membership; (GP was forced to surrender its operation due to the fact that he could and would have been arrested for violation of the restrictions from the prior conviction). (2) Golden Panda is also sending all uncashed checks in its possession to the United States government (False; ASD has it on good authority that GP hand delivered many of their uncashed checks directly to members, a list can be provided by cross examining Clarence or from calling members) along with information about the accounts from which checks were drawn, and has consented to the government's (Clarence returned some himself) return of those checks; (3) Having previously ceased operations, Golden Panda has ceased doing business; and (Agreed) (4) Golden Panda has authorized its attorneys to dissolve Golden Panda Corporation, thereby causing Golden Panda to cease its existence as a legal entity. Individuals interested in pursuing a portion of funds sent to Golden Panda that the government may now forfeit should provide pertinent contact and other information to the Department of Justice using the information submission form available on the website of the United States Attorney's Office for the District of Columbia, at: http://www.usdoj.gov/usao/dc/Victim_Witness_Assistance/adsurfdaily.html (Why is ASD included in this? These complaints are going to go against ASD. This is going to look like the GP complaints are complaints against ASD rather than GP. They should set up a GP complaint form and web site since these companies are separate companies). Contact the government and request a new GP website. If you cannot get a new website, do not fill out the form and submit it until after next Wednesday, October 1, 2008
|