Las Vegas lawyer accepts plea deal in $460 million Ponzi case

A Las Vegas man has taken a plea deal as part of a $460 million Ponzi scheme involving more than a thousand victims.

The saga of Matthew Wade Beasley and law enforcement in Sin City would be a Hollywood blockbuster, involving millions of dollars, gambling debts, a gunfight and multiple charges before the settlement was made public.

Las Vegas attorney pleads guilty to charges

The legal dispute against the Las Vegas lawyer is said to have spanned five years since 2017. During that time, Beasley reportedly lured 1,213 investors worth $519.9 million to participate in fraudulent deals and contracts.

The initial money he took from early investors led to paying off debts and borrowing constantly. The court report states that his actions caused « some investors to gain on their investments, some to make a profit, and others to lose money. A total of 948 investors lost a total of nearly $246.4 million. »

Of the $519.9 million, Beasley has transferred $461 million directly into his Interest on Lawyers Trust Account (IOLTA). « Approximately $331.4 million of the $461 million » was returned to investors in some format, and Beasley paid himself about $33.5 million in attorneys’ and brokerage fees.

Beasley also used $10 million of the money to fund a lavish lifestyle, including paying off « gambling debts and $22.8 million to enrich himself and continue gambling. He bought luxury homes, high-end cars, recreational vehicles, among other things, » the court said.

Beasley’s legal battle

As part of the initial investigative questioning in 2022, Beasley was caught in a dramatic gunfight with FBI and state law enforcement agents.

All charges were dropped in connection with the tense standoff, although an officer recorded that the defendant « pointed the gun at the agents in a flailing motion, causing one or more agents to discharge their firearm, striking Beasley. »

Beasley was indicted by a federal grand jury on March 29, 2023 on three counts of money laundering and five counts of wire fraud before U.S. Magistrate Cam Fehrenbach scheduled a detention hearing for April 2023.

A trial was scheduled for June 2023 before U.S. District Judge Jennifer A. Dorsey, but the eventual plea agreement was reached after constant delays.

Beasley agreed to compensate each of the investors he misled, but the process was not formally recorded through the plea agreement. He will also serve twelve to twenty years as part of a prison sentence related to the charges.

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