Legal Issues

Las Vegas Attorney Indicted In $460 Million Investment Fraud Scheme

Las Vegas Attorney Indicted In $460 Million Investment Fraud Scheme

A Las Vegas attorney has been indicted in a $460 million investment fraud scheme involving over 1,000 investors. 

On March 29, 2023, a federal grand jury returned an indictment against Matthew Wade Beasley, charing him with five counts of wire fraud and three counts of money laundering. Beasley made his initial appearance in front of U.S. Magistrate Judge Elayna J. Youchah on March 31, 2023. 

According to an official release from the IRS, Beasley engaged in his fraud scheme from sometime in 2017 to March 2022. In court documents, it is alleged that the lawyer falsely represented that he could find plaintiffs in personal injury lawsuits who wanted to take out high-interest loans against their pending settlements.

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Credit: Rebecca Ang/Getty Images

Beasley then created fraudulent contracts to lend money to purported personal injury plaintiffs. He then used his authority as an attorney to find investors who were willing to sink money into in these fake contracts.

Additionally, Beasley purportedly had investors wire their funds to his personal IOLTA account. This type of bank account is set up by attorneys to hold client payments. Beasley used the money he obtained from the scam to purchase luxury homes, cars, and recreational vehicles.

The IRS shared a statement from FBI Special Agent in Charge Spencer L. Evans, "Investment fraud can be crippling for its victims, with life savings obliterated in a flash."

Evens continued, "The defendant used fraudulent means to mislead multiple victims into believing they were investing in legitimate legal contracts. The FBI is committed to identifying and working with anyone impacted by this brazen scheme. This indictment is only one piece of an ongoing investigation. We will continue to follow the facts and pursue anyone who seeks to defraud others through deceptive and illegal practices."

If convicted, Beasley faces up to 160 years in prison and costly fines. 

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Credit: Sebastian Arning (EyeEm)/Getty Images

IRS Criminal Investigation and the FBI are jointly investigating the case against Beasley. His next court date has not yet been publicly announced.

What do you think about this investment fraud case?

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Rebekah Barton

Rebekah Barton

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