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A Las Vegas man has reached a plea deal as part of a $460 million Ponzi case involving more than a thousand victims.
The saga of Matthew Wade Beasley and law enforcement in Sin City would be Hollywood blockbuster material involving millions of dollars, gambling debts, a gun battle, and a series of prostitution charges before the plea deal was released.
Las Vegas attorney pleads guilty to charges
The legal argument against the Las Vegas attorney allegedly took place over a five-year period beginning in 2017. During this time, Beasley reportedly secured 1,213 investors to the tune of $519.9 million to participate in forged deals and contracts.
The initial money he had taken from the first investors led him to pay off debts and constantly go into debt. The court report stated that their actions caused “some investors to make profits on their investments, others to break even, and others to lose money. In all, 948 investors lost a total of nearly $246.4 million.”
Of the $519.9 million, Beasley transferred $461 million directly to his Interest on Attorney Trust Account (IOLTA). “Approximately $331.4 million of the $461 million” was returned to investors in some form and Beasley paid himself about $33.5 million in attorneys and brokerage fees.
Beasley also used $10 million of the money to finance a lavish lifestyle that included paying off “gambling debts and $22.8 million to get rich and continue gambling. He purchased luxury homes, high-end cars, recreational vehicles, among other things,” the court said.
Beasley’s legal battle
As part of the initial investigative interrogation in 2022, Beasley was caught in a dramatic standoff at gunpoint with FBI agents and state authorities.
All charges related to the tense standoff were dropped even though an officer recorded that the defendant “pointed the gun at the officers in a wide motion, causing one or more officers to fire their firearm, striking Beasley.”
Beasley was accused by a federal grand jury on March 29, 2023, on three counts of money laundering and five counts of wire fraud, before federal Judge Cam Ferenbach set a detention hearing for April 2023.
A jury 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 any of the investors he misled, but the process has not been officially recorded through the plea agreement. He will also serve twelve to twenty years as part of a custodial sentence related to the charges.
Featured Image: 8 News Now — Las Vegas via YouTube
The post Las Vegas Lawyer Accepts Plea Deal in $460M Ponzi Case appeared first on ReadWrite.
