Washington Post

An alleged $500 million Ponzi scheme preyed on Mormons. It ended with FBI gunfire.

The Washington Post

February 1, 2023 at 9:00 a.m. EST
By Lizzie Johnson

Read the full article here: https://www.washingtonpost – Las Vegas Ponzi Scheme

Authorities had long suspected Beasley of running a massive Ponzi scheme with his business partner, Jeffrey Judd, that mainly targeted Mormons, as members of the Church of Jesus Christ of Latter-day Saints are often called. The investment was pitched as a nearly risk-free opportunity to earn annual returns of 50 percent by lending money to slip-and-fall victims awaiting checks after the settlement of their lawsuits.

On Feb. 17, Holt arrived with a Hindenburg Research whistleblower — identified only as “Mike” in recordings given to the FBI and SEC — at Henderson Executive Airport in Nevada, where a parked jet had been rigged with surveillance equipment. Cameras were tucked in a water bottle, a tissue box and a bowl of mints. Audio equipment was inserted into the plane’s overhead lights.

Marketers Jason Jongeward and Shane Jager meet with Mark Holt on a private plane in Henderson, Nev.
(Covert Surveillance Video: Hal de Becker III)