U.S. SEC announces asset freeze against those allegedly behind nearly $450 million Ponzi scheme

WASHINGTON Reuters – The U.S. Securities and Exchange Commission SEC on Friday announced charges and an asset freeze against several Las Vegasarea individuals and companies allegedly behind a nearly 450 million Ponzi scheme.

In a complaint filed in U.S. District Court in Las Vegas, the SEC said attorney Matthew Beasley, as well as Jeffrey Judd and Christopher Humphries, falsely told hundreds of investors that they would earn 12.5 quarterly returns by making purportedly riskfree investments in J&J Consulting Services.

“Beasley and Judd created the company to supposedly advance funds to tort plaintiffs who had reached settlements with insurance companies. But, according to the complaint, none of the 449 million raised from investors over a fiveyear period was used for this purpose,” the SEC said.