Authorities say Nevada attorney confessed to running operation that raised around $450 million from investors
The SEC says in its complaint that defendants used the bulk of investor money to fund lavish lifestyles.The Securities and Exchange Commission accused a Las Vegas lawyer and six other men of violating federal securities law for their involvement in an alleged Ponzi scheme that raised around $450 million from investors.
Authorities said the alleged scheme unraveled last month when attorney Matthew Beasley confessed to running a Ponzi scheme after he was who had come to his house March 3. In a Ponzi scheme, early investors are paid with funds raised from later investors while the money raised is generally not invested
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