A Las Vegas lawyer accused of orchestrating a $460 million Ponzi scheme across the U.S. West has been granted release from federal custody
U.S. District Judge Cam Ferenbach said he was persuaded by Matthew Beasley’s “strong family support” to give the personal injury lawyer a chance at leading a “productive life” as he awaits trial on charges of money laundering and wire fraud.
Beasley was indicted last week in connection with the alleged scheme but has been in custody since March 2022, when he was shot and wounded by FBI agents who arrived at his $1.1 million home in Las Vegas to question him.
Prosecutors have said Beasley answered the door that day with a gun aimed at his own head. A four-hour standoff ensued that ended after SWAT officers entered the home.
He was charged with assault on a federal officer, leading to his yearlong detainment, but that charge was dismissed last week following his indictment in connection with the alleged Ponzi scheme.
According to the indictment, the defendant enlisted hundreds of investors starting in 2017 for a company that claimed to offer short-term loans with high interest rates to clients awaiting payment after settling personal injury “slip-and-fall” cases. Investors were allegedly promised a return of up to 13% within 90 days.
But there were no clients, according to prosecutors. Instead, Beasley is alleged to have used the incoming money to pay earlier investors.
The Nevada Supreme Court suspended Beasley from practicing law in the state and barred him from handling client funds shortly after his arrest.