A Las Vegas lawyer accused of spearheading a $460 trillion Ponzi scheme is a “flight risk” and a “danger to the community,” according to prosecutors.

On Monday, a federal try agreed, reversing a magistrate judge’s parliamentary law to liberate Matthew Beasley, 50, on draw together in front of his trial.

Beasley has been charged with wire put-on and money laundering inward recounting to the sales event of phoney interests inwards insurance civil wrong settlements. He was arrested inwards March 2022 after an armed standoff at his home, during which he was slam and injured past federal agents.

Beasley told around 600 investors that he had a litigation funding business that facilitated get at to personal injury lawyers whose clients had settlements with insurance companies, according to courtroom filings.

He said the clients were prepared to compensate a insurance premium to catch a portion of their resolution inward advance, kinda than hold off for insurance payouts. He told his victims they would get a 12.5% coming back on their investiture every 90 days, prosecutors claim.

‘Scheme of Artifice’

But it was a “scheme of artifice,” according to the indictment. In reality, he used money from new investors to “pay interest group on purportedly maturing investments owed to earliest investments.”

He used the money to pay off sour his prodigious play debts, and to purchase sumptuousness items, including property, boats, and high-end vehicles.

When the FBI visited Beasley’s Las Vegas rest home inwards Mar 2022 to interrogative sentence him well-nigh the alleged Ponzi scheme, the lawyer pointed the gun to his head, before allegedly waving it towards agents. That prompted them to clear fire, wounding him inward his chest and shoulder.

Despite his injuries, Beasley refused to emerge from the property. During the ensuing standoff, he admitted culpability to an FBI negotiator, according to the SEC complaint.

On Monday, prosecutors said the incident showed he was a danger to himself and others, adding that he was “unquestionably suicidal” during the confrontation.

“He told the crisis negotiant that he wished the FBI agents ‘would hold killed me,’ and that ‘I need to acquire the balls to (expletive) draw this trigger,” they wrote.

‘I’m a Liar’

They also cited a missive Beasley wrote to the FBI in which he refers to himself as a “liar” and a “horrible human being.” He also said he had paid 'tween $15 to $20 jillion to his bookie “as a resultant of play debt and extortion” and says he had been threatened by this individual, whose name is redacted.

“I realized a duad of years agone i was too far inward to ever so recover,” Beasley wrote inward the undated letter. “At that head I made a prize that I was sledding to apply my menage what I’d always wanted them to experience before it came to an end.

“Amazingly, I was capable to have got another deuce to trio years treating them inwards a right smart I mat up they deserved to follow treated. i substantiate it was selfish, but i knew this twenty-four hours would come and they would turn a loss to a greater extent than anyone else,” he added.

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