Kathy Bazoian Phelps
Senior Counsel in Ponzi Scheme Litigation
and Bankruptcy Matters

Kathy is a senior business trial attorney with more than 30 years experience prosecuting and defending claims for high net worth clients involved in Ponzi scheme matters and in bankruptcy proceedings. Kathy’s practice includes recovering assets for clients in complex fraud cases under standard fee and alternative fee arrangements. She also handles SEC and CFTC whistleblower claims. Kathy also serves as a mediator in bankruptcy matters, in complex business disputes, and in matters requiring detailed knowledge about fraud or Ponzi schemes.

Kathy’s Clients in Ponzi Scheme Cases and Bankruptcy Matters
Equity Receivers
Bankruptcy Trustees
High Net Worth Investors
Whistleblowers
Debtors in Bankruptcy
Secured and Unsecured Creditors

Wednesday, September 30, 2020

September 2020 Ponzi Scheme Roundup

Posted by Kathy Bazoian Phelps 

Below is a summary of the activity reported for September 2020. The reported stories reflect at least 11 new Ponzi schemes worldwide, 4 guilty pleas, 31 years of prison sentences, and an average age of approximately 59 for the alleged Ponzi schemers. Please feel free to post comments about these or other Ponzi schemes that I may have missed.   

Joseph Frank Abel, 50, of California, pleaded guilty to charges in connection with a cryptocurrency mining fraud that involved at least $722 million. Abel admitted that he sold unregistered securities for BitClub Network. Matthew Brent Goettsche, Russ Albert Medlin, Jobadiah Sinclair Weeks were also charged in connection with the scheme.