Bankruptcy

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December 2012 Ponzi Scheme Roundup
Posted on 4 Jan 2013 by Kathy Bazoian Phelps

The last month of 2012 finished the year with a continued high volume of Ponzi scheme news. Here is the summary of the stories that were reported this month. Please feel free to post comments about these or other Ponzi schemes that I may have missed... Read More

August 2014 Ponzi Scheme Roundup
Posted on 8 Sep 2014 by Kathy Bazoian Phelps

Below is a summary of the activity reported for August 2014. The reported stories reflect: 10 guilty pleas or convictions in pending cases; over 138 years of newly imposed sentences for people involved in Ponzi schemes; at least 5 newly discovered schemes;... Read More

Alleged Ponzi Scheme Perpetrators Speak Out Against Use of Words “Ponzi Scheme”
Posted on 15 Jan 2013 by Kathy Bazoian Phelps

What is it with alleged Ponzi scheme perpetrators these days? They seem to have a heightened sensitivity to the use of the words "Ponzi scheme." In 2012, two cases were decided against two governmental agencies - the SEC and the IRS-in connection... Read More

November 2013 Ponzi Scheme Roundup
Posted on 2 Dec 2013 by Kathy Bazoian Phelps

The volume of news stories reported in November 2013 in Ponzi scheme cases remained high. Below is a summary of the activity reported. Please feel free to post comments about these or other Ponzi schemes that I may have missed. And please remember that... Read More

What is More Sacred in Unraveling a Ponzi Scheme: The Attorney-Client Privilege or the Government’s Right to Know?
Posted on 9 Jan 2013 by Kathy Bazoian Phelps

The consequences of Bernie Madoff's massive Ponzi scheme will linger for years and will test the boundaries of what we thought were established limits. The latest struggle is between the bank that handled most of Madoff's banking, JP Morgan... Read More

The Victim Balancing Act in the Petters Ponzi Scheme Case Continues
Posted on 10 Jul 2013 by Kathy Bazoian Phelps

The unique circumstances of Ponzi schemes require careful consideration to mete out justice in unwinding them and in redressing the injuries to defrauded victims. Investors who got out early were often paid back in full, plus some. Other investors who... Read More

New Florida Law May Protect Charities Against Ponzi Scheme Clawback Claims
Posted on 18 Jun 2013 by Kathy Bazoian Phelps

Last Friday, Florida Governor Rick Scott signed HB 95. This bill amends § 726.109 of the Florida Statutes by adding this broad defense to a claim to avoid a charitable contribution as a fraudulent transfer: "The transfer of a charitable... Read More

Video: Kathy Bazoian Phelps Interviewed on the Not So Legal Show
Posted on 7 May 2013 by LexisNexis Bankruptcy Law Community Staff

Kathy Bazoian Phelps, partner at Diamond McCarthy LLP, Ponzi scheme blogger , and coauthor of the Ponzi Book , was recently interviewed by attorney Stephanie Cohen of The Not So Legal Show . You can watch the interview below: (Please visit the... Read More

Does a Ponzi Scheme Finding Preclude Money Laundering Charges?
Posted on 16 Dec 2013 by Kathy Bazoian Phelps

In U.S. v. Simmons , 2013 U.S. App. LEXIS 24617 (4th Cir. Dec. 11, 2013) [ an enhanced version of this opinion is available to lexis.com subscribers ], the Fourth Circuit overturned convictions on money laundering charges in connection with money that... Read More

Government Forfeiture Beats Creditor Claim in Petters Ponzi Scheme
Posted on 2 May 2012 by Kathy Bazoian Phelps

When a Ponzi scheme breaks, the government rushes to forfeit the assets that constitute or are derived from proceeds traceable to the crime. At the same time, creditors, thinking that they had properly secured their claims, try to grab those very ... Read More

Valentine's Day Surprise for Madoff Victims as Trustee Seeks to Make Third Interim Distribution
Posted on 14 Feb 2013 by Jordan D. Maglich

Just in time for Valentine's Day, the court-appointed bankruptcy trustee overseeing the aftermath of Bernard Madoff's $65 billion Ponzi scheme has sought court approval to make a third distribution to victims. Irving Picard, the bankruptcy trustee... Read More

December 2013 Ponzi Scheme Roundup
Posted on 2 Jan 2014 by Kathy Bazoian Phelps

The year ended with lots of news in Ponzi scheme cases. Below is a summary of the activity reported for December 2013. Please feel free to post comments about these or other Ponzi schemes that I may have missed. And please remember that I am just relaying... Read More

March 2016 Ponzi Scheme Roundup
Posted on 1 Apr 2016 by Kathy Bazoian Phelps

Below is a summary of the activity reported for March 2016. The reported stories reflect: 7 guilty pleas or convictions in pending cases; over 120 years of newly imposed sentences for people involved in Ponzi schemes; at least 11 new Ponzi schemes worldwide... Read More

February 2014 Ponzi Scheme Roundup
Posted on 3 Mar 2014 by Kathy Bazoian Phelps

Below is a summary of the activity reported for February 2014. Please feel free to post comments about these or other Ponzi schemes that I may have missed. And please remember that I am just relaying what’s in the news, not writing or verifying... Read More

April 2014 Ponzi Scheme Roundup
Posted on 5 May 2014 by Kathy Bazoian Phelps

Below is a summary of the activity reported for April 2014. The reported stories reflect: 9 guilty pleas or convictions in pending cases; over 85 years of newly imposed sentences for Ponzi schemers; 11 newly discovered schemes allegedly involving over... Read More