Las Vegas attorney Matthew Beasley was shot by FBI Special Agents who went to his house to interview him regarding his alleged involvement in a $300 million Ponzi scheme.
Though shot in the chest and shoulder, Beasley refused to surrender and repeatedly confessed to his involvement in the scheme, Assistant U.S. Attorney Tony Lopez of the District of Nevada said in court.
49-year-old Matthew Wade Beasley was arrested and charged with assaulting a federal officer with a deadly weapon. Beasley made an initial appearance in federal court on March 8, 2022.
Allegations in the criminal complaint state that FBI Special Agents went to a home in Las Vegas on March 3, 2022 to interview Beasley for an ongoing investigation.
According to a press release from the Department of Justice “When agents knocked on the glass front doors, Beasley appeared with part of his body obscured. After an agent pulled back his suit jacket to show his FBI badge, Beasley then stepped into complete view with a gun pointed at his own head. When agents instructed Beasley to drop the gun, Beasley instead pointed it at the agents in a sweeping motion — causing one or more agents to discharge their firearm and striking Beasley.”
An FBI SWAT team “had to forcefully enter the home and bring him out,” Lopez said.
Beasley was released from the hospital. His lawyer sought house arrest, but a judge ordered Beasley detained without bond because Lopez said Beasley was a flight risk with significant assets including at least four homes, luxury cars, and an RV.
Alleged Matthew Beasley Ponzi Scheme
Matthew Beasley is a personal injury attorney first licensed in Nevada in 2006. He has no prior disciplinary record. The alleged Ponzi scheme is related to settlement funding contracts related to slip-and-fall personal injury cases. Investors were directed to wire money to Interest on Lawyer Trust Accounts (IOLTA), which is a method of raising money for legal services.
The alleged scheme involved individuals operating in Nevada, Utah, and California from 2017 to 2022. Schemers sold victims “lawsuit settlement contracts” pursuant to third-party lawsuits. Investors were promised high returns in a short period of time and the contracts were described as scarce. Investors were directed to form an LLC to earn their return on investment.
As is typical of Ponzi schemes and other fraud, the FBI states that the persons introducing investors had some affinity with them, such as religion, hobbies, etc.
The FBI has set up an online form seeking victims of the Ponzi scheme to help the investigation, which can be reached here.
Scott Silver, Silver Law Group’s managing partner, gave a presentation to the American Association of Justice about Ponzi schemes and how victims can recover their losses from third party professionals. Scott is the chair of the securities fraud group of the American Association of Justice and frequently lectures on Ponzi schemes and investment fraud.
Ponzi scheme victims typically suffer significant losses even when a receiver is appointed by the government to take over the company and distribute its assets to the victims. Third party professionals, such as, lawyers, accountants, banks, and auditors may be sued to recover losses if they aided and abetted the fraud.
Commercial banks have obligations to know their customers and report suspicious activity. Silver Law Group is involved in a lawsuit against Umpqua Bank regarding the PFI Ponzi scheme, which alleges Umpqua was willfully ignorant in allowing PFI to comingle accounts and failing to know its customer, PFI founder Ken Casey, who started the Ponzi scheme after being released from prison for fraud.
People with original information or analysis about a Ponzi scheme can also file an SEC whistleblower claim that could allow them to stop the wrongdoing and collect a financial award.
Do You Have Losses From A Ponzi Scheme?
If you invested in a Ponzi scheme, contact Silver Law Group for a confidential consultation. Silver Law Group represents victims of securities and investment fraud cases nationwide to recover losses due to stockbroker misconduct, hedge fund fraud, Ponzi schemes, and other investment-related wrongdoing. We take most cases on a contingency fee basis, meaning you won’t owe us anything unless we are successful. Call us toll free at (800) 975-4345 or email firstname.lastname@example.org.