A partner with Diamond McCarthy of Los Angeles, Kathy Phelps has over 22 years of experience in bankruptcy law and fraud litigation. She is also the author of The Ponzi Book: A Legal Resource for Unraveling Ponzi Schemes and the forthcoming Ponzi Proof Your Investments: An Investor's Guide to Avoid Ponzi Schemes. Here she discusses the need for financial advisors to stay alert to potential Ponzi schemes on behalf of their clients and the red flags and warning signs they should look out for.

1. Where did the term Ponzi scheme come from?

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