SEC Charges Entities Behind A Nearly $450 million Ponzi Scheme

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Ponzi scheme

The Securities and Exchange Commission (SEC) filed a lawsuit against individuals and companies responsible for the nearly $50 million Ponzi scheme involving purported personal injury settlements.

The defendants in the lawsuit include Mathew Wade Beasly and his law firm Beasley Law Group PC, Jeffrey Jason Judd and his firms JJ Consulting Services, J and J Purchasing, Christopher Ronn Humpries, Shane Michael Jager, Jason Myers Jongeward, Ronald Tanner, and Denny Seybert.

The SEC also named several relief defendants in the complaint including the Judd Irrevocable Trust, PAJ Consulting Inc., BJ Holdings LLC, Stirling Consulting L.L.C., and CJ Investments LLC among others.

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According to the Commission, some of the individual defendants violated the antitrust provision of the securities laws and some of them acted as unregistered brokers. All of the defendants engaged in offering unregistered securities to investors.

Defendants deceived investors with a false promise of 12.5% quarterly returns on investment

In the complaint, the SEC alleged that Beasley, Judd, and Humphries deceived investors into making risk-free investments in J&J Consulting Services.