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
Debtors in Bankruptcy
Secured and Unsecured Creditors

Thursday, December 31, 2020

December 2020 Ponzi Scheme Roundup

Posted by Kathy Bazoian Phelps 

Below is a summary of the activity reported for December 2020. The reported stories reflect at least  3 new Ponzi schemes worldwide, 3 guilty pleas, over 30 years of prison sentences and one life sentence, and an average age of approximately 56 for the alleged Ponzi schemers. Please feel free to post comments about these or other Ponzi schemes that I may have missed.  

Sanjeev Acharya, of California, and his company SiliconSage Builders LLC aka Silicon Sage Builders, were charged by the SEC with running an alleged $119.2 million Ponzi scheme. The scheme promised returns to investors of 23% per year. Silicon Sage financed real estate projects in northern California by selling promissory notes and membership interests in entities that loaned money to the projects. The scheme targeted the South Asian community in northern California.