Las Vegas Lawyer Richard Beasley to Plead Guilty in $461 Million Ponzi Scheme
LAS VEGAS – Las Vegas lawyer Richard Beasley has agreed to plead guilty to five counts of wire fraud in connection with a “massive” Ponzi scheme that defrauded nearly 1,000 investors out of a combined $246.4 million, according to court documents filed Friday.A federal grand jury indicted Beasley in 2023.
The scheme,which investigators say began around 2017,involved Beasley falsely representing to investors that their funds would be used to provide loans to personal injury plaintiffs awaiting settlement payouts. However, prosecutors allege Beasley instead used the money to fund a lavish lifestyle and cover significant gambling debts.
Court documents detail that Beasley misappropriated approximately $461 million from over 600 investors, returning roughly $331.4 million – resulting in some investors profiting or breaking even,while others experienced losses. He personally profited $33.5 million, spending $11 million on gambling debts and $22.8 million on luxury items including homes and vehicles.
“In short, the defendant knowingly caused investors to believe that their investments would be used to fund loans to personal injury plaintiffs… waiting to receive settlements from their claims against insurance companies, when the defendant knew all along that he would not use investor money to fund loans but to enrich himself and others, and to repay investors as if loans had been made,” prosecutors wrote in court filings.
The case originated with an FBI investigation that culminated in a standoff at Beasley’s home on March 3,2022,near the 215 Beltway and Ann Road. During the standoff,Beasley allegedly pointed a gun at an FBI agent,leading to an agent-involved shooting. While Beasley was initially charged with assault on a federal officer, that case was later dismissed. During negotiations with the FBI, Beasley reportedly confessed the investment scheme was a Ponzi scheme dating back to 2016 or 2017.
Beasley faces a maximum sentence of 100 years in prison and a $1.25 million fine. However, federal prosecutors have indicated they will recommend a lesser penalty as part of the plea agreement.
The State Bar of Nevada has suspended Beasley’s law license. An evidentiary hearing previously scheduled for november 24th is unlikely to proceed following the plea agreement.It remains unclear when Beasley will formally enter his guilty plea in court. His public defender has not yet responded to requests for comment.
