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

Sunday, January 7, 2024

The 2023 Year-End Ponzi Scheme Roundup

Posted by Kathy Bazoian Phelps 

The Ponzi Scheme Blog tracks Ponzi scheme news reported on new Ponzi schemes, guilty pleas, criminal convictions, prison sentences and other relevant Ponzi scheme news. Every Ponzi scheme cannot be known, as many slip into the night quietly without ever even being reported to criminal or regulatory authorities, and many simply don’t make the news. As such, it is impossible to capture all of the news.

The unofficial tally of Ponzi scheme news in 2023, even knowing it is incomplete, is itself troubling in its scope. 

At least 115 new Ponzi schemes were reported in the news in 2023

Well over $4.5 billion was lost by victims in Ponzi schemes (49 of the 115 new schemes did not report dollar figures, so the actual number might well be double that amount, or more)

At least 32 people pleaded guilty to running Ponzi schemes

At least 7 were convicted following criminal trial

The average age of the Ponzi schemer is about 49 years old (mid-life crisis?)

All of this is a reminder to stay on high alert and conduct independently verifiable due diligence before investing. For sample questions to ask and due diligence ideas, check out Ponzi-Proof Your Investments: An Investor’s Guide to Avoid Investing in Ponzi Schemes and Other Financial Scams.

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