On Friday, a Las Vegas attorney is due to appear in court after being charged with operating a multi-million dollar Ponzi scheme related to legal settlements. Matthew Beasley, 50, was indicted by a federal grand jury on Wednesday, facing five counts of wire fraud and three counts of money laundering. If found guilty of the charges, Beasley could be sentenced to a lengthy prison term.
The Las Vegas-based scheme, run by Beasley’s Beasley Law Group, drew in over 600 participants, many of whom belonged to The Church of Jesus Christ of Latter-day Saints, or the Mormon Church. It is reported that Beasley used some of the illicit funds to pay off his gambling debts, which totaled $4 million, and to fund his lavish lifestyle, including the purchase of luxurious homes, a private jet, boats, and expensive cars.
According to court documents, Beasley lured investors into “purchasing interests in insurance tort settlements”, promising them a return of at least 12.5% every 90 days. However, Beasley used new investor money to pay interest and return principal to earlier investors, creating the illusion that personal injury plaintiffs actually existed.
The scheme allegedly moved $449 million through Beasley Law Group accounts between 2017 and March 2022. Beasley’s business partner, Jeffrey Judd, has not been arrested but has been identified as the owner of a company called J&J Entities.
When FBI agents arrived at Beasley’s home on March 3, 2022, to question him about the scheme, he allegedly pointed a gun at them in a sweeping motion, leading to a standoff and a charge of assault on a federal officer. After speaking to an FBI negotiator, he eventually agreed to be taken to a local hospital for treatment.
Beasley could face a long prison sentence if found guilty of the charges.
