True crime fans, 

Here is a fun fact for your next trivia night: Ponzi schemes date back to 1879, when the eponymous Charles Ponzi was still a toddler.

In this episode, top accounting experts take us behind the scenes of some of the most notorious Ponzi schemes, from Bernie Madoff to Melissa Caddick.

Do you know how to spot a Ponzi scheme and protect yourself and your clients?

Tune in now to find out. 

Host: Jacqueline Blondell, CPA Australia

Guests: 

Bruce Gleeson FCPA is a registered liquidator and bankruptcy trustee. He has more than 20 years of corporate insolvency, re-organisation and bankruptcy experience. He has also worked for several ASX 100 companies. 

Alex Bell is a partner and national head of forensic accounting at Grant Thornton. He has gained extensive experience across many high profile and complex litigations and investigations. He has also given expert evidence in the Federal Court of Australia, Supreme Court of New South Wales and District Court of New South Wales, and prepared an expert report for the Supreme Court of Western Australia.

Kathy Bazoian Phelps is a lawyer at Raines Feldman LLP. 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. She has also served as lead counsel in large-scale litigation involving recovery of assets in Ponzi scheme cases.

Research, scripting and editing: Susan Muldowney

Studio production and sound editing: Garreth Hanley

Additional research and scripting: Jacqueline Blondell

The Australian Government’s Money Smart website has useful information for those seeking advice on how to protect themselves from fraud. 

If you’d like to read more about the Ponzi schemes, including those discussed in this episode, these links have information to press releases, documents and news articles. 

• SEC Enforcement Actions Against Ponzi Schemes
• SEC Obtains Emergency Asset Freeze in Diamond-Themed Ponzi Scheme (Press Release No. 2010-231; November 23, 2010
• Manager of Bogus Foreign Currency Exchange Ponzi Scheme Pleads Guilty to Obstruction of Justice | OPA | Department of Justice
• USDOJ: US Attorney's Office - District of Minnesota (justice.gov)
• Sebi clamps down goat-rearing ponzi scheme (business-standard.com)
• The No. 1 Ladies' Defrauding Agency - Longreads
• ASIC lead investigator tells Melissa Caddick inquest she was not responsible for alleged fraudster's death - ABC News
• 21-312MR Melissa Caddick and Maliver found to have engaged in unlicensed conduct | ASIC
• ASIC v Caddick - Online file (fedcourt.gov.au)

CPA Australia publishes three podcasts, providing commentary and thought leadership across business, finance, and accounting: 

1. With Interest
2. INTHEBLACK
3. Excel Tips

Search for them in your podcast platform. 

You can email the podcast team at [email protected]