The Ponzi Scheme Blog: September 2022

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

Friday, September 30, 2022

September 2022 Ponzi Scheme Roundup

Posted by Kathy Bazoian Phelps

Below is a summary of the activity reported for September 2022. News in cryptocurrency schemes was prevalent this month, with 16 cryptocurrency firms hitting the Ponzi scheme news. At least 16 new Ponzi schemes worldwide were reported this past month, along with 4 guilty pleas, and more than 88 years of prison sentences. The average age for the alleged Ponzi schemers was approximately 47. Please feel free to post comments about these or other Ponzi schemes that I may have missed.

Glenn Arcaro, 45, of California, was sentenced to 38 months in prison in connection with the BitConnect cryptocurrency scheme. He fraudulently marketed the scheme that defrauded at least 4,500 people and involved $2.4 billion. Arcaro promised guaranteed returns from BitConnect’s “Trading Bot” and “Volatility Software.” BitConnect’s founder, Satish Kumbhani of India, was indicted earlier this year.

Kathy has significant experience with the issues arising in Ponzi scheme cases, and in tracing and recovering assets in complex fraud cases. She has represented all types of parties in Ponzi scheme cases, including investors, defendants in litigation, trustees, and receivers. She has extensive litigation experience in a wide variety of bankruptcy litigation matters, representing operating and liquidating trustees, debtors, and secured and unsecured creditors. Kathy also serves as a mediator in bankruptcy matters, in other complex disputes, and in other matters requiring an expert on fraud or Ponzi schemes.

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Comments made to blog entries posted on this site will be published if they relate to Ponzi schemes issues, advance the discussion of the issues in a productive fashion, and maintain a civil tone. Other comments and those not made with an acceptable standard of professionalism will not be published.