In Las Vegas, a lawyer with huge gambling debts is accused of a financial fraud that left hundreds of victims in its wake
A folder on German’s desk contained court documents he’d started to gather about an alleged Ponzi scheme that left hundreds of victims – many of them Mormon – in its wake. Post reporter Lizzie Johnson began investigating, working with Review-Journal photographer Rachel Aston.
For five years, the SEC said, Beasley and Judd paid existing investors with money from new clients — a classic Ponzi scheme. The most notorious fraud of this kind, run by Before the FBI arrived at Beasley’s door that day, they’d raided Judd’s $6.6 million mountainside mansion, which overlooked the Las Vegas Strip. There, according to a new court filing, agents confiscated Judd’s cellphones and computers, more than a half-dozen high-end watches, thousands of silver and gold coins, and nearly $400,000 in cash, just a day before the nuptials of his 21-year-old daughter.
“Ann,” her friend told the single mother, then 42. “Do you realize that the Humphries’ house is getting raided right now?”Mabeus blanched. Humphries — who has maintained his innocence and sought dismissal of the SEC complaint against him — had been a marketer of the same investment that she’d put most of her money into.
Jager had told Mabeus about the opportunity to make money in August 2019, during a couples trip to Mexico, she said. She felt flattered to be included. divorced in June 2021, Mabeus agreed to take the investment as alimony. She planned to rely on the dividends, along with child support payments, to remain at home with her daughter and three sons.Now, Mabeus hung up the phone, horrified.“Word is spreading like wildfire,” Mabeus remembered. “People are texting left and right. No one is getting responses.”
“Man, this is a great idea,” Beasley recalled Judd saying. “Do you know any other attorneys [so] we could continue to grow this?” The SEC noted that in one text message from October 2020, Judd referenced the investment as “an illegal business.” He also assured potential investors that he’d had discussions with the lawyers Beasley was working with — even though Beasley said he’d never contacted any — and had seen the personal injury settlementsThe source familiar with Judd’s involvement called that assertion “an overstatement” unsupported by any real evidence.
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