The Securities and Exchange Commission has brought charges against several Las Vegas-area individuals and companies allegedly behind a $449 million Ponzi scheme involving purported personal injury settlements.
In addition, the SEC froze assets of attorney Matthew Beasley and cohorts Jeffrey Judd and Christopher Humphries. The three falsely told hundreds of investors that they would earn 12.5% quarterly returns by making purportedly risk-free investments in J&J Consulting Services, the SEC said in a release.
According to the SEC’s complaint, Beasley and Judd created the company to supposedly advance funds to tort plaintiffs who had reached settlements with insurance companies. But according to the complaint, none of the money raised from investors over a five-year period was used for that purpose. The alleged perpetrators instead used investor money to purchase luxury homes, cars, boats and a private jet for themselves, and paid fictitious returns to investors in Ponzi-like fashion to keep the scheme going.
The asset freeze obtained by the SEC against Beasley and the other defendants prevents any further dissipation of investor funds. The SEC is seeking permanent injunctions and disgorgement of ill-gotten gains plus interest and penalties.
"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.
Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
