News Summary
Matthew Wade Beasley, a lawyer in Las Vegas, has struck a plea deal with federal prosecutors for his role in a Ponzi scheme that deceived investors out of over $460 million. Beasley has agreed to plead guilty to five counts of wire fraud and faces 12 to 20 years in prison. The scheme, which operated from 2017 to 2022, targeted mostly members of the LDS community, raising significant concerns about trust and exploitation. The plea hearing is set for later this month.
Las Vegas
Matthew Wade Beasley, a Las Vegas lawyer, has reached a plea deal with federal prosecutors for his involvement in an alleged Ponzi scheme that defrauded investors of over $460 million. A plea agreement was filed on October 17, 2023, in the U.S. District Court of Nevada where Beasley agrees to plead guilty to five counts of wire fraud. He is facing a prison sentence ranging from 12 to 20 years and is required to pay full restitution to the victims, although the total amount is yet to be determined.
The U.S. Attorney’s Office for Nevada claims that Beasley operated a Ponzi scheme from 2017 to 2022, enticing investors with unrealistic promises of returns generated from personal injury lawsuit settlements. Allegedly, he solicited investments under false pretenses, using funds obtained from new investors to pay earlier investors, a classic tactic of Ponzi schemes.
Over the span of five years, Beasley reportedly collected more than $460 million in investments, personally enriching himself by around $33.5 million. His luxurious lifestyle included the purchase of expensive homes and high-end vehicles. Unfortunately, his actions resulted in severe financial hardship for at least 25 investors, some of whom lost significant amounts from their retirement and savings funds. In total, nearly 950 investors lost over $246 million due to Beasley’s fraudulent activities.
Notably, the scheme primarily targeted members of the Church of Jesus Christ of Latter-day Saints, raising concerns about the exploitation of community trust. Beasley’s criminal activities drew media attention, especially during an investigation following the murder of an investigative reporter, which led to further scrutiny of his operations.
Details of the Arrest and Legal Proceedings
Beasley came under fire during an armed standoff at his home in March 2022 when FBI agents attempted to execute a warrant. He was shot after answering the door with a gun. Although charges related to pointing a gun at federal agents were subsequently dropped, the incident marked a dramatic twist in his legal battles. Following his arrest, the Nevada Supreme Court temporarily suspended Beasley’s law license.
In a parallel legal move, Beasley also filed a lawsuit against the U.S. government and FBI agents, claiming injuries sustained during the arrest process. The plea hearing is set for October 23, 2023, after a jury trial initially scheduled for May 2024 was postponed. Federal authorities had indicted Beasley in March 2023 for his role in the Ponzi scheme.
How the Ponzi Scheme Operated
Beasley’s Ponzi scheme allegedly promised nearly risk-free investment returns of up to 50%. The scheme purported to finance litigation for slip-and-fall victims, luring unsuspecting investors with seemingly lucrative prospects. However, authorities estimated that Beasley and his partner, Jeffrey Judd, primarily diverted investor money to fund extravagant purchases instead of legitimate investments. This type of deception ultimately led to significant losses for the victims involved.
Repercussions and Community Impact
The fallout from Beasley’s fraudulent scheme extends beyond financial loss. Many investors reported devastating financial consequences, including a drastic decrease in their assets and considerable stress. The case highlights critical issues surrounding investor education and safeguards against investment fraud targeting vulnerable populations.
Concluding Remarks
As federal agents continue to investigate Beasley’s financial dealings, the repercussions of his actions serve as a sobering reminder of the importance of vigilance in investment opportunities. The ongoing legal proceedings will determine the extent of accountability for Beasley, as well as potential measures to restore lost funds to his victims.
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- News 3 Las Vegas
- Wikipedia: Ponzi Scheme
- Las Vegas Review-Journal
- Google Search: Matthew Beasley Ponzi scheme
- Hoodline
- Encyclopedia Britannica: Fraud
- Las Vegas Review-Journal
- Google News: Matthew Beasley Ponzi scheme
- KOLO 8 News
Author: STAFF HERE LAS VEGAS WRITER
The LAS VEGAS STAFF WRITER represents the experienced team at HERELasVegas.com, your go-to source for actionable local news and information in Las Vegas, Clark County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Electric Daisy Carnival, World Series of Poker, and Consumer Electronics Show. Our coverage extends to key organizations like the Las Vegas Chamber of Commerce and Three Square Food Bank, plus leading businesses in hospitality and entertainment that power the local economy such as MGM Resorts International, Caesars Entertainment, and Las Vegas Sands. As part of the broader HERE network, we provide comprehensive, credible insights into Nevada's dynamic landscape.
