Response From Clarence Busby regarding SEC Lawsuit

Discussion in 'ASD - Ad Surf Daily' started by iggyigette, Jul 17, 2008.

  1. iggyigette

    iggyigette New Member

    Here is Clarence Bushy's Response to his SEC Lawsuit 10 years ago:

    What do you guys/gals think?

    SEC Clarification

    July 16th, 2008

    In reading a number of forums today, I was very excited about the number of people who were talking about the Golden Panda Ad Builder site. There are many positive things being posted and we are excited about launching this site; however, as I read, there were a number of people talking about SEC documentation that is public record, which pertains to me. It is amazing to read about all the people who have "guessed" at what this documentation may pertain to, and who have built stories around misinformation concerning this documentation. What I want to do in this letter is set the record straight. I am only going to do this once and this is the only time that I will write anything concerning this situation.

    First of all, to address one rumor that is floating around, I have never started any type of Internet Company, nor have I served as an officer in one. Secondly, I would not be involved in this Chinese Site, if it were not offered to me, with full confidence by Andy Bowdoin, the President of ASD and LaFuenteDinero. With that being said, let me digress to give some truth to the SEC situation mentioned above.

    First of all, the SEC situation was from some 10 years ago. This situation came about because of a man who was an accountant, whom I had known from South Georgia. He served on the Governor's Board of Accountancy and as a member of this board, was involved in the testing of men and women in Georgia, who were trying to obtain their CPA licenses. He had one of fastest growing accounting firms in Georgia and his father was an acquaintance of my family. The man described, approached me concerning an investment that had been put together and asked if I could help him raise some funds for this business project. I did my homework, just like many of you are doing and believed I was in a very safe investment program. Friends of mine who are ministers, as well as a relatives, and myself placed money in this program. I believed this was going to be a winner for everyone. But....all did not end well. The SEC began an investigation of the situation, due to their concern that this investment did not meet SEC regulations. I believed, with full confidence, this was a legitimate investment opportunity. In the end, my friends funds, my funds, and the accountants funds were lost. Because I had lost so much of my own money, I did not have sufficient funds to hire an attorney, so I had to serve as my own attorney, filing defense papers with the court. The accountant was found guilty and although, no funds were ever sent through my account, because I had given funds to this man for this business venture, believing the best, I still had to go before the SEC and I finally settled for a $15,000.00 disgorgement.

    Now, any of you who would like to share with me any blemishes on your record, may do so. Let me simply say that the experience that I had in that situation taught me to be more cautious, but it never caused me be afraid of being involved with business or with other people. Since that time I have started a number of successful businesses and I still serve as an ordained minister. I still believe that there are a whole lot of good honest men that have failures. To name a few, Ted Turner, Walt Disney, JC Penney, Donald Trump. No, I don't belong up there with those men, but my goal is to continue to allow people that have failed a second, a third, a forth, have a chance. As a matter of fact, I have learned a lot more from my failures than from my successes.

    I hope this letter can help alleviate any concerns you may have, but you will only know about what kind of man I am through the way I live my life. If I felt it necessary, I could give you a list of pastors, ministers, doctors, attorneys, friends and others who could "vouch" for my character, integrity and honesty, but it would not give you the confidence, that you will see for yourself, in the days and weeks ahead. No, to see what kind of man that I am, I just ask you to watch how myself and my team, run this company, Golden Panda Ad Builder. For only with time can any of us prove what kind of person we are. A great book says this, "You will know them by their fruits", not by a few failures. Life is about learning lessons. Successful people are successful, not because they never fall, but because when they fall they get back up. Business, really all people, have failed at some point in their lives, but in the end, the true test is their character and my character has taken me beyond my past failures and brought me to the exciting place I am today.

    Thank you for taking the time to read this information,

    Clarence Busby, Jr.

    Golden Panda Ad Builder
  2. Louminous

    Louminous New Member

    Interesting... thanks for sharing
  3. Investigator

    Investigator New Member

    I just surfed on the site and it took 10 minutes per page. You would think that after a week they would have it fixed or at least take some of our money and fix the dam problem.
  4. Investigator

    Investigator New Member

    Hey I like this new format. I viewed 2 pages and it gave me credit for 15
  5. brt

    brt New Member

    Where did this letter come from?
  6. iggyigette

    iggyigette New Member

    This letter is posted on Panda's Website
  7. iggyigette

    iggyigette New Member

    Investigator: I just surfed on the site and it took 10 minutes per page. You would think that after a week they would have it fixed or at least take some of our money and fix the dam problem. next week I hope it doesn't go down for "server upgrade"
  8. Caterina

    Caterina New Member

    The letter rings true to me.....glad he addressed the situation.

    If you think about it, a $15,000 fine from the big boys is more of a slap on the wrist, isn't it? If he'd been some big bad con artist, wouldn't he have gotten body slammed???

    And as my sponsor and I were talking.....there aren't too many successful businessmen/women who haven't had failures or made some bad decisions along the way.....

    Thanks for posting it.....
  9. Caterina

    Caterina New Member

    iggyigette: This letter is posted on Panda's Website
    Iggy, I ain't seeing it.....which page is it on???
  10. iggyigette

    iggyigette New Member

    Click on News/Promotion and scroll down. that Andy is out of Golden Panda....who's going to get in?
  11. Caterina

    Caterina New Member

    OK....found it - thanks....I just wasn't giving the pages time to load, I guess.

    Not sure what to make of Andy's sudden departure.....just seems like odd timing to me.....I mean, of COURSE the man's working night and day......good to know he knows his limitations. On the other hand, did he not know how busy he was a week or two (or three??) ago when they were announcing Golden Panda's launch?

    Still undecided about the Panda site.......probably going to wait and see how it goes first.....
  12. iggyigette

    iggyigette New Member

    I think Andy's move is probably to keep ASD and himself "untainted" from the Busby SEC controversy...

    Busby's Explanations comes too little too late and his reputation's already been dragged through the mud (whether he is innocent or guilty)
  13. EnjoyingItAll

    EnjoyingItAll New Member

    Okay you guys - give the guy a break. Some times bad things do happen to good people. Although I do think you need to use your good judgement and intuition on this one. Maybe a bit too late for Golden Panda judgement of the CEO with the letter comming out so late - may be a good thing after all!!

    TRy iit out and see!!
  14. EnjoyingItAll

    EnjoyingItAll New Member


    Do you EVER SLEEP???
  15. logicalusa

    logicalusa New Member

    Yeah, it's an unusual move in the sense of the timing but not unexpected.

    The most intriguing thing is that Panda is now a "direct competitor" to ASD. I wonder if the system will work exactly like ASD's.

    And what is it with some people going to ministers for investment $??

    I shall be staying away from the Panda. Very far away.
  16. iggyigette

    iggyigette New Member

    EnjoyingItAll: Iggy,

    Do you EVER SLEEP???

    Sleep is for girlie girls
  17. Caterina

    Caterina New Member

    logicalusa: The most intriguing thing is that Panda is now a "direct competitor" to ASD.

    DOH.....that didn't even OCCUR to me.....Duhble DOH.....!!!

    I suppose there's room for everyone in the online marketing business.....and I DO think Busby's letter was sincerely written and as I said, everyone screws up and a $15,000 fine seems like a small fiine in the SEC world......BUT.....Andy's withdrawal from the program, for whatever reason, is my final decision-maker. We know ASD works.....he's running it.....will stick with the proven winner for now.
  18. Kat

    Kat New Member

    Who knows, maybe Bob Cefail will partner up with Clarence. Bob sees huge potential with the Chineese business culture and the fact that Asia's internet useage is 37.6%!
  19. iggyigette

    iggyigette New Member

    Internet usage in China has surpased that of the US
  20. brutus

    brutus New Member

    Doggon it CB. I sure would have liked to see you mention a few of those "I have started a number of successful businesses" you were mentioning.

    You make it tough for anyone to do any due dilligence.

    It's not like we are lending you our lawn mower or something .... we are looking to entrust you with our hard earned money.

    I liked you because of your association with Andy. I can certainly see andy being too busy and stepping down from a president position. But what I don't quite understand is the giving up ANY OWNERSHIP OR AFFILIATION WITH GOLDEN PANDA.

    What's up with that? I wonder what Andy knows that we don't know?

    lil' brutus

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