Las Vegas Lawyer Agrees to Plead Guilty in Half-Billion Dollar Ponzi Scheme Case
LAS VEGAS (KLAS) — Matthew Beasley, a lawyer from Las Vegas, has agreed to plead guilty to five counts of wire fraud in connection with a massive Ponzi scheme that defrauded over 600 investors and resulted in the loss of nearly $246.4 million. The agreement comes after an FBI agent-involved shooting at Beasley’s home near the 215 Beltway and Ann Road on March 3, 2022.
Beasley’s Elaborate Ponzi Scheme: Funding Luxury Lifestyle and Gambling Debts
As part of the plea deal, prosecutors will recommend a lesser sentence than the maximum penalty of 100 years in prison, $1.25 million in fines, and supervised release. Beasley was originally charged in 2022 after an FBI agent pointed a gun at him during a visit to discuss the investigation into his investment scheme. When Beasley refused to drop his weapon, an agent shot him, leading to his arrest and subsequent dismissal of the assault on a federal officer charge.
Beasley’s Ponzi scheme involved enticing investors with the promise of returns from loans made to personal injury plaintiffs awaiting settlements. However, he used investor money to fund his lavish lifestyle, including luxury homes, high-end cars, recreational vehicles, gambling debts, and other personal expenses. Prosecutors revealed that Beasley paid himself $33.5 million, with about $11 million going towards gambling debts and $22.8 million enriching himself further.
Massive Financial Losses for Investors
A total of 948 investors lost nearly $246.4 million in the scheme, while approximately $331.4 million of the $461 million collected was returned to investors, resulting in some profits, others breaking even, and others experiencing losses. In his plea agreement, Beasley acknowledged that he knowingly misrepresented the purpose of investments, leading investors to believe their money would be used for loans when it was actually being diverted for personal gain and gambling activities.
Beasley’s Confession During Standoff with FBI
During the 2022 standoff with the FBI, Beasley confessed to an agent that his investment scheme was a Ponzi scheme that began in 2016 or 2017. He further admitted to misrepresenting the use of investor funds and enriching himself while failing to fund loans as promised. These admissions led to the state bar suspending Beasley’s law license, and now he faces the consequences for his actions by pleading guilty to five counts of wire fraud.
Plea Agreement and Upcoming Sentencing
An evidentiary hearing scheduled for November 24 is unlikely to proceed due to the plea agreement. It remains unclear when Beasley will enter the plea in court. His public defender has not yet responded to a request for comment on the case.Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
