The asset freeze obtained by the SEC against Beasley and the other defendants prevents any further dissipation of investor funds.
The Securities and Exchange Commission has charged several Las Vegas-area individuals and companies allegedly behind a $449 million Ponzi scheme.
The regulator also obtained an asset freeze against the defendants who allegedly duped hundreds of investors in a fraud involving purported personal injury settlements.
According to the complaint, attorney Matthew Beasley and cohorts Jeffrey Judd and Christopher Humphries told hundreds of investors that they would earn 12.5 percent quarterly returns by making risk-free investments in J&J Consulting Services.
But according to the complaint, none of the $449 million raised from investors over a five-year period was used for this purpose. Instead, they 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.
Tanya Beard, Acting Director of the SEC’s Salt Lake Regional Office, said: “As alleged in our complaint, Beasley, Judd, and others enriched themselves through lies and deception, using their religious and community networks to fleece investors out of hundreds of millions of dollars after promising them a nearly 50 percent annual increase on their initial investment.”
The asset freeze obtained by the SEC against Beasley and the other defendants prevents any…
