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Given that his abiding wish was (allegedly) to run a Ponzi scheme without going to jail, things have already gone quite badly for Matthew Beasley: He’s in jail, and since he first pulled a gun on the FBI agents who came to chat with him about the aforementioned alleged Ponzi scheme and then allegedly confessed everything, he’s likely to remain there for the foreseeable future. Oh yea, and the Feds also shot him for his troubles, reasonably enough given the aforementioned turning a gun on them. Bad enough, you and certainly Beasley might thing. But the Securities and Exchange Commission feels differently.

Mr. Beasley and Jeffrey Judd, president of J&J Consulting Services Inc. and two similarly named entities involved in the alleged scheme, were identified as defendants in an SEC suit, along with five men who worked to promote the companies and attract investors in return for commissions…. The SEC said in its complaint that the purchase agreements were fictitious and that those charged allegedly used the bulk of investor money to fund lavish lifestyles including purchases of real estate, a private jet, boats and numerous luxury cars. Mr. Beasley used the cash to pay off gambling debts, according to the complaint.

If it makes you feel any better, Matt, and given the gunshot wounds and probability you’re spending the next few decades locked up, we’re guessing it won’t, just know that you’re not alone. For while the SEC has yet to weigh in on the matter of whether the richest man in the world is subject to its rules, one of Elon Musk’s fellow Twitter shareholders certainly think he should be.

The lawsuit, filed Tuesday in New York by law firm Block & Leviton on behalf of several Twitter shareholders, alleges that Musk was able to buy up more Twitter stock at a deflated price in the period between passing the 5% threshold and publicly disclosing his stake.

Half a dozen legal and securities experts have told The Washington Post that the delay may have helped Musk to net $156 million.

Lawyer Shot in March Standoff Is Sued by SEC Over Alleged Ponzi Scheme [WSJ]
Twitter investors sue Elon Musk for failing to promptly disclose the size of his stake [CNBC]

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