SEC Uncovers Massive $500 Million Ponzi Scheme

Posted on February 17th, 2023 at 2:30 PM
SEC Uncovers Massive $500 Million Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law

After Las Vegas investigative reporter Jeff German was killed outside his home in September 2022, The Washington Post and the Las Vegas Review-Journal collaborated to complete one of the stories German had planned to pursue prior to his death. 

The story revolved around court documents pertaining to an alleged Ponzi scheme that impacted hundreds of victims, including numerous Mormons. Authorities had suspected Matthew Beasley of orchestrating a massive Ponzi scheme with his business partner, Jeffrey Judd, which primarily targeted Mormons. According to the SEC, Beasley and Judd pitched a purported risk-free investment opportunity to earn annual returns of 50% by lending money to slip-and-fall victims who were awaiting damages from lawsuit settlements. However, the SEC alleges that the investment opportunity was a sham as Beasley and Judd paid existing investors with funds collected from new clients for at least five years. 

At least 900 individuals invested an estimated total of $500 million between 2017 and 2022, according to the SEC. The investors included surgeons, real estate developers, Mormon bishops, and retirees, according to a class-action suit filed in July against Wells Fargo, where Beasley had organized an attorney trust fund to disburse client funds. Some individuals emptied their retirement accounts while others were prompted to take out a second mortgage on their house, according to The Washington Post. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: Eccleston, Eccleston Law

Return to Archive

TESTIMONIALS

Previous
Next

I am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.

LATEST NEWS AND ARTICLES

January 22, 2026
EC Zeroes In on Persistent Marketing Rule Failures With New Staff FAQs

The Securities and Exchange Commission (SEC) has sharpened its scrutiny of investment adviser marketing practices, signaling continued frustration with recurring compliance failures despite years of guidance and enforcement. As reported by Financial Advisor News, new staff FAQs published in January follow a December risk alert that deta...

January 21, 2026
New Investor Losses as Yieldstreet Rebrands to Willow Wealth

Yieldstreet, now operating under the name Willow Wealth, continues to report significant losses to investor clients despite a high-profile rebrand.

January 20, 2026
SEC Charges Three Advisors in Alleged Sale of Unregistered Oil and Gas Securities

The Securities and Exchange Commission (SEC) has charged three advisors and agents with selling millions of dollars in unregistered oil and gas securities to retail investors while failing to disclose conflicts of interest.