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

Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

Greg P.

LATEST NEWS AND ARTICLES

September 11, 2025
Montana Federal Judge Allows Family's Premium Financing Claims to Proceed

A federal judge in Montana has allowed a family to move forward with negligence, fraud, and unjust enrichment claims tied to a premium-financed life insurance arrangement valued at $67.5 million.

September 10, 2025
Arizona Man Sentenced to 30 Years for Multi-Million Dollar Ponzi-Style Fraud

An Arizona man has been sentenced to 30 years in prison for running a Ponzi-style investment scheme that defrauded more than 100 victims out of millions of dollars, according to the U.S. Attorney’s Office for the District of New Mexico.

September 9, 2025
Easterly ROCMuni Fund's Steep Decline Spurs Potential Investor Lawsuits

The Easterly ROCMuni High Income Municipal Bond Fund (RMHIX) has suffered a dramatic collapse, losing nearly half its value in June and now trading at a net asset value (NAV) of $2.95 per share.