Las Vegas Attorney Admits to Running $500 Million Ponzi Scheme
LAS VEGAS – Las Vegas attorney Ryan Beasley pleaded guilty today to operating a large-scale ponzi scheme that defrauded investors of nearly $500 million, federal prosecutors announced.Beasley faces a potential prison sentence of up to 100 years, a $1.25 million fine, and supervised release.
According to court documents, Beasley’s scheme began around 2017, falsely leading investors to beleive their funds would be used to finance loans to plaintiffs in personal injury lawsuits. Rather, prosecutors allege Beasley enriched himself and others by repaying investors with funds from new investors, rather than from loan repayments.”put simply, the defendant intentionally led investors to believe…,” prosecutors stated in court filings, “…that their investments would be used to finance loans…but by repaying the investors as if the loans had been made. “We knew,” the document continues.
the examination, which began after an FBI agent was shot at Beasley’s home on March 3, 2022, revealed that over 600 people invested approximately $500 million with Beasley. While roughly $331.4 million was returned to investors - with some even profiting – a total of 948 investors ultimately lost around $246.4 million.
Prosecutors detailed how Beasley used $33.5 million of the invested funds for personal expenses, including $22.8 million for gambling and $11 million to pay off gambling debts,and also purchasing “luxury homes,luxury cars and recreational vehicles.”
During the 2022 standoff with the FBI, Beasley reportedly “repeatedly admitted to FBI negotiators that the investment scheme was actually a Ponzi scheme that began in 2016 or 2017.”
As part of the plea agreement, federal prosecutors will recommend a sentence below the maximum legally allowed. An evidentiary hearing scheduled for November 24 is now unlikely to proceed. The date for Beasley’s formal guilty plea in court remains to be persistent. His public defender has not yet responded to requests for comment.
Beasley’s law license was previously suspended by the state’s attorney.
