The Ponzi Book
A Legal Resource for Unraveling Ponzi Schemes
the Book
for the Book
Table of
Ponzi Case
The Ponzi
Scheme Blog

Kathy Bazoian Phelps
Hon. Steven Rhodes (Ret.)

Published by

Kathy Bazoian Phelps
Your Investments
The Ponzi
Scheme Blog
Kathy Bazoian Phelps

Partner, Raines Feldman Littrell LLP
1900 Avenue of the Stars
19th Floor
Los Angeles, CA 90067
(310)­ 424-4080

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Ponzi-Proof Your Investments:
An Investor's Guide to Avoiding Ponzi Schemes and Other Fraudulent Scams

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The Depths of Deepening Insolvency: Damage Exposure for Officers, Directors and Others,
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Partner, Raines Feldman Littrell LLP, Los Angeles, California

Admitted to the California Bar, 1991

Juris Doctor, University of California at Los Angeles, 1991

Bachelor of Arts, Pomona College, 1988

Professional Concentration

Kathy represents bankruptcy trustees, federal equity receivers, state court receivers, litigants in commercial disputes, debtors, and secured and unsecured creditors in bankruptcy cases. She also works with buyers of assets in bankruptcy cases and whistleblowers in preparing tips to regulatory agencies to try to stop fraud and collect rewards for the whistleblowers.

Her involvement in litigation matters arising in insolvency proceedings is also extensive. Representing both plaintiffs and defendants, Kathy represents her clients passionately in a wide variety of litigation matters, including fraudulent transfer actions and directors and officers litigation.

She frequently represents operating and liquidating trustees in cases pending in the United States Bankruptcy Court as well as receivers in the United States District Court and the Superior Court of the State of California and has been lead counsel in large-scale litigation involving recovery of assets in Ponzi scheme cases.

Kathy serves as a mediator in bankruptcy matters, in other complex disputes, and in matters requiring expertise in financial fraud and Ponzi schemes. Kathy aslo serves as an expert witness in matters relating to complex financial fraud and Ponzi schemes.

Mediation Panel Positions

Financial Industry Regulatory Authority (FINRA)

United States Bankruptcy Court, Central District of California

United States Bankruptcy Court, District of Arizona


The Ponzi Scheme Blog

Too Good to be True: Ponzi Schemes (AICPA Eye on Fraud, FLS Fraud Task Force, Winter 2024, Issue 2), co-author

Detecting Ponzi Schemes and Dodging Professional and Investor Liability (Public Investors Advocate Bar Association, PIABA Bar Journal, Vol. 30, No. 1, 2023), author

A Receiver’s Colorful Journey Into Fraudulent Schemes (American Bar Association Litigation Journal, Fall 2022), co-author

Chapter, In Pari Delicto: Solutions to an Inequity Plaguing Bankruptcy Trustees and Innocent Creditors, Norton Annual Survey of Bankruptcy Law (West 2015), co-author

Fraud and Forensics: Piercing Through the Deception in a Commercial Fraud Case (Editor and Contributor) (American Bankruptcy Institute 2015)

Equity Receivers and the In Pari Delicto Defense, 69 Bus.Law. 699 (American Bar Association May 2014), co-author

Ponzi-Proof Your Investments: An Investor's Guide to Avoiding Ponzi Schemes and Other Fraudulent Scams (IRR Publishing 2013)

The Depths of Deepening Insolvency: Damage Exposure for Officers, Directors and Others (American Bankruptcy Institute 2013), co-author

Handling Claims in Ponzi Scheme Bankruptcy and Receivership Cases, 42 Golden Gate U. L. Rev. 567 (2012)

What Do You Do When the Feds Come For Your Assets? Third-Party Claims in Forfeiture Proceedings, American Bar Association Business Law Section's Online Resource, Business Law Today, June 21, 2012

Supplementing the Tools in the Trustee's Toolbox, NABTalk, The Journal of the National Conference of Bankruptcy Trustees, Spring 2012, co-author

The Ponzi Book: A Legal Resource for Unraveling Ponzi Schemes, LexisNexis (2012), co-author

Liability of Professionals and Insiders in Ponzi Schemes, 27 CEB Cal. Bus. L. Prac. 22 (Winter 2012)

Emergence of Mareva by Letter: Banks' Liability to Non-Customer Victims of Fraud Business Law International, Vol. 12 No. 2, May 2011, co-author

In Pari Delicto and The Blame Game: Should Receivers Get Caught in the Fray?, Receivership News, January 2011

Opportunities for Trustees in Ponzi Scheme Cases, NABTalk, The Journal of the National Association of Bankruptcy Trustees, Summer 2010

Bankruptcy Issues Arising in Ponzi Schemes, Century City Bar Association Newsletter, April 2010

Organization Positions

American Bankruptcy Institute

American College of Bankruptcy

California Receivers Forum, Los Angeles/Orange County Chapter

Los Angeles Bankruptcy Forum

National Association of Federal Equity Receivers

International Chamber of Commerce FraudNet Global Network, 2012-2015,, Member

American Bar Association, White Collar Crime, Asset Forfeiture and Business Bankruptcy Subcommittee focused on parallel insolvency and criminal proceedings, 2012 to 2018

Insolvency Law Committee for the State Bar of California, 2000-2003, Member

National Association of Bankruptcy Trustees, Past Member

Armenian Bar Association, Past Member

Speaking at Conferences and Seminars

American Bankruptcy Institute

American Bar Association

American Institute of Certified Public Accountants

American Law Institute

Association of Certified Fraud Examiners

Association of Insolvency and Restructuring Accountants

Bay Area Bankruptcy Forum

California Bankruptcy Forum

California Receivers Forum

Central District Consumer Bankruptcy Attorneys Association

Century City Bar Association

Commercial Finance Corporation of California

Commercial Law League of America

Federal Judicial Center

Financial Crimes Conference

Institute for Internal Auditors

International Association for Asset Recovery

International Chamber of Commerce FraudNet

Los Angeles County Bar Association

National Association of Attorneys General

National Association of Bankruptcy Trustees

National Association of Certified Valuators and Analysts

National Association of Federal Equity Receivers

National Conference of Bankruptcy Judges

New York Institute of Credit

Orange County Bankruptcy Forum

Orange County Bar Association – Business Litigation Section

Public Investors Advocate Bar Association

Retirement Industry Trust Association

Special Assets Management Association

Turaround Management Association

Other local organizations in Southern California

Awards, Distinctions and Honors

Super Lawyers, 2007, 2009, 2010, 2013-2024

Martindale Hubble AV Preeminent Attorney, 2016-2024

Best Lawyers in America, Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law, 2019-2024

Top Bankruptcy Attorneys, The Daily Journal, 2022

President’s Award, National Association of Federal Equity Receivers, 2020

International Advisory Award: Business Insolvency and Restructuring Lawyer of the Year in California, 2018

Super Lawyers Top Women, 2016, 2017

American College of Bankruptcy, Fellow, 2016

American Bankruptcy Institute, Committee Member of the Year, 2016

The International Who’s Who of Asset Recovery Lawyers, 2013-2019

WWL: Asset Recovery, 2024

Bar Admissions

State Bar California, 1991

Bar of the District of Columbia, 2023

United States District Court, Central District of California, 1991

United States District Court, Southern District of California, 2011

United States District Court, Eastern District of California, 2011

United States District Court, Western District of Michigan, 2010


Interests and accomplishments include extensive travel and the study of the Chinese language.

© 2024 Kathy Bazoian Phelps and Steven Rhodes