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.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
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