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.
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“The White House has extremely strict ethical guidelines with respect to issues like this,” said Press Secretary Karoline Leavitt.
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