Las Vegas lawyer allegedly used money from investors to pay gambling debt

A Las Vegas lawyer accused of participating in a $449 million in fraud and using investor money to pay gambling debts, refused to cooperate with law enforcement, leading to a shooting.

Las Vegas lawyer illegally used $4 million to pay gambling debt

the Security and Exchange Commission reported that Matthew Beasley, a 49-year-old lawyer and owner of Beasley Law Group, was involved in a $449 million Ponzi scheme. According to the commission, the money came from more than 600 investors and passed through Beasley’s bank account.

The SEC alleges Beasley and the other participants in the scheme used investor money to fund expensive lifestyles. Cooperators spent the money on private jets, boats, expensive cars and luxury properties. Beasley also used $4 million money to pay off a gambling debt he owed to his bookmaker.

Beasley refused to cooperate with the federal police

In early March, FBI special agents visited a residence to interview Beasley. The lawyer, however, did not cooperate and instead of working with the officers threatened them with a gun. This resulted in him being shot instead. Here is what the official Department of Justice press release says:

“As officers knocked on the glass doors, Beasley appeared with part of his body obscured. After an agent removed his suit jacket to show his FBI badge, Beasley then showed up completely with a gun pointed on his own head.When officers asked Beasley to drop the gun, Beasley instead pointed it at officers in a sweeping motion – causing one or more officers to discharge their firearm and strike Beasley.

Beasley was shot non-lethal in the chest and shoulders. Even after sustaining the injuries, Beasley refused to leave the house, forcing officers to call a negotiator.

The SEC lawsuit claims the man admitted guilt in the Ponzi scheme as the situation unfolded. Beasley reportedly confirmed that Jeffrey Judd, which the SEC considers the main promoter of the program, has helped find more investors. Beasley said Judd had the names of all of the attorneys involved in the fraud, but Beasley himself did not know all of them personally.

Judd is the owner of J&J Entities. When questioned by investigators, Judd said he was working with Beasley on a litigation funding business, which made it easier to get access to personal injury lawyers. The clients of these lawyers were people with settlements with insurance companies who preferred to pay to get their settlement up front, instead of waiting for insurance payments.

Beasley admitted that he made up some of the transactions.

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John A. Bogar