{"id":266814,"date":"2023-03-30T08:17:54","date_gmt":"2023-03-30T13:17:54","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=266814"},"modified":"2023-03-30T11:56:42","modified_gmt":"2023-03-30T16:56:42","slug":"las-vegas-lawyer-due-in-court-for-460m-ponzi-scheme-indictment-charges","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/las-vegas-lawyer-due-in-court-for-460m-ponzi-scheme-indictment-charges\/","title":{"rendered":"Las Vegas Lawyer Back in Court for $460M Ponzi Scheme Indictment"},"content":{"rendered":"

A Las Vegas attorney is headed to court on Friday after recent charges for allegedly operating a $460M Ponzi scheme<\/a>.<\/p>\n

\"FBI
FBI agents at the home of Matthew Beasley in 2022, pictured above. The Nevada attorney recently was indicted for a massive Ponzi scheme. (Image: KSNV<\/em>)<\/figcaption><\/figure>\n

Matthew Beasley, 50, was indicted by a federal grand jury on Wednesday on five counts of wire fraud and three counts of money laundering, the Las Vegas Review-Journal <\/em>reported. If found guilty, Beasley could face many years in prison.<\/p>\n

More than 600 people participated in the Las Vegas-based scheme involving Beasley\u2019s Beasley Law Group. Beasley\u2019s legal license was suspended after the allegations surfaced.<\/strong><\/p>\n

The plot targeted members of The Church of Jesus Christ of Latter-day Saints, better known as the Mormon Church.<\/p>\n

Paid $4M in Gambling Debt<\/h2>\n

Beasley allegedly used some of the money to pay his gambling debts, which totaled $4M<\/a>. Other money was used to fund his \u201copulent lifestyle,\u201d according to court documents.<\/p>\n

He allegedly purchased luxurious houses, a private jet, boats, and fancy cars with the money.<\/strong><\/p>\n

Beasley allegedly took funds over five years from \u201cplaintiffs in personal injury lawsuits who wanted to borrow money against their pending settlements with insurance companies, and [who] were willing to pay high interest rates to borrow the money for 90 days,\u201d according to the indictment.<\/p>\n

Interests in Tort Settlements<\/h2>\n

Investors could \u201cpurchase interests in insurance tort settlements\u201d and would receive at least 12.5% return every 90 days, Las Vegas TV station KLAS<\/em> reported, citing court documents.<\/p>\n

Beasley used new investor money to pay interest and return principal to earlier investors to create the illusion that personal injury plaintiffs existed,\u201d<\/strong> the indictment revealed.<\/p><\/blockquote>\n

The money was paid in $80K and $100K payments, according to KLAS<\/em>.<\/p>\n

Beasley and his firm also were sued by investors in a class action lawsuit. They claim they lost hundreds of thousands of dollars, according to the Review-Journal<\/em>. He was also sued by the Securities and Exchange Commission (SEC) last year. That lawsuit claimed at least $449 million passed through Beasley Law Group accounts between 2017 and March 2022.<\/p>\n

Shot by FBI Agent<\/h2>\n

In a related incident, Beasley also allegedly aimed a gun \u201cin a sweeping motion\u201d at FBI agents<\/a> on March 3, 2022, when the agents arrived at his home. They were there to ask questions about the scheme.<\/p>\n

Beasley refused to drop the gun, and an agent shot him in the chest and shoulder.<\/p>\n

Despite the wounds, Beasley refused to leave his house but spoke to an FBI negotiator during the standoff. He allegedly admitted to the Ponzi scheme while speaking to the negotiator.<\/p>\n

Eventually, he agreed to go to a local hospital for treatment. Beasley spent four days in the hospital before he was released into the custody of US Marshals.<\/p>\n

The gun incident led to a pending charge of assault on a federal officer.<\/p>\n

Beasley\u2019s business partner, Jeffrey Judd, hasn\u2019t been arrested for the scheme, the Review-Journal<\/em> reported. He has been identified as the owner of a company called J&J Entities.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Las Vegas attorney is headed to court on Friday after recent charges for allegedly operating a $460M Ponzi scheme. Matthew Beasley, 50, was indicted by a federal grand jury on Wednesday on five counts of wire fraud and three counts of money laundering, the Las Vegas Review-Journal reported. If found guilty, Beasley could face […]<\/p>\n","protected":false},"author":44,"featured_media":266816,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,81886],"tags":[13766,82393,82614,85414,23,81928,85673,81894],"acf":[],"yoast_head":"\nLas Vegas Lawyer Due in Court for $460M Ponzi Scheme Charges<\/title>\n<meta name=\"description\" content=\"A Las Vegas attorney is due in court on Friday. 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He was charged this week for allegedly operating a $460,000,000-plus Ponzi scheme.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/las-vegas-lawyer-due-in-court-for-460m-ponzi-scheme-indictment-charges\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-30T13:17:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-30T16:56:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/fbi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1015\" \/>\n\t<meta property=\"og:image:height\" content=\"571\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ed Silverstein\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgedsilv\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ed Silverstein\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-lawyer-due-in-court-for-460m-ponzi-scheme-indictment-charges\/\",\"url\":\"https:\/\/www.casino.org\/news\/las-vegas-lawyer-due-in-court-for-460m-ponzi-scheme-indictment-charges\/\",\"name\":\"Las Vegas Lawyer Due in Court for $460M Ponzi Scheme Charges\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-lawyer-due-in-court-for-460m-ponzi-scheme-indictment-charges\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-lawyer-due-in-court-for-460m-ponzi-scheme-indictment-charges\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/fbi.jpg\",\"datePublished\":\"2023-03-30T13:17:54+00:00\",\"dateModified\":\"2023-03-30T16:56:42+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/b3771b02527bcbda9af984b9b1ff098e\"},\"description\":\"A Las Vegas attorney is due in court on Friday. 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