Las Vegas Lawyer Back in Court for $460M Ponzi Scheme Indictment

A Las Vegas attorney is headed to court on Friday after recent charges for allegedly operating a $460M .

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 many years in prison.

More than 600 people participated in the Las Vegas-based scheme involving Beasley’s Beasley Law Group. Beasley’s legal license was suspended after the allegations surfaced.

The plot targeted members of The Church of Jesus Christ of Latter-day Saints, better known as the Mormon Church.

Beasley allegedly used some of the money to pay his gambling debts, which totaled . Other money was used to fund his “opulent lifestyle,” according to court documents.

He allegedly purchased luxurious houses, a private jet, boats, and fancy cars with the money.

Beasley allegedly took funds over five years from “plaintiffs 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,” according to the indictment.

Investors could “purchase interests in insurance tort settlements” and would receive at least 12.5% return every 90 days, Las Vegas TV station KLAS reported, citing court documents.

Beasley used new investor money to pay interest and return principal to earlier investors to create the illusion that personal injury plaintiffs existed,” the indictment revealed.

The money was paid in $80K and $100K payments, according to KLAS.

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. 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.

In a related incident, Beasley also allegedly aimed a gun “in a sweeping motion” at on March 3, 2022, when the agents arrived at his home. They were there to ask questions about the scheme.

Beasley refused to drop the gun, and an agent shot him in the chest and shoulder.

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.

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.

The gun incident led to a pending charge of assault on a federal officer.

Beasley’s business partner, Jeffrey Judd, hasn’t been arrested for the scheme, the Review-Journal reported. He has been identified as the owner of a company called J J Entities.