Judge Freezes Beckman’s Assets, Appoints Receiver
Just a day after Jason “Bo” Alan Beckman was charged for securities fraud for his alleged role in carrying out a $194 million Ponzi scheme, a federal judge ordered Beckman's and his wife's assets to be frozen and appointed a receiver in the case.
Beckman, 42, is the second man to be charged in the fraud scheme. Trevor Cook was charged in March 2010 and pleaded guilty in April 2010 to one count of mail fraud and one count of tax evasion for his involvement in the fraud. He was sentenced to 25 years in prison-the maximum allowable sentence for the charges he faced-in August.
Prosecutors asked the court to freeze the Beckmans' assets, saying two of their three homes-located in Plymouth, Florida, and Texas-are up for sale and that an “emergency action” needed to take place to freeze those assets in order to preserve “the remaining proceeds” from the fraud.
Chief U.S. District Judge Michael Davis granted the government's request to freeze the couple's assets.
“There is good cause to believe that investor funds and assets…will be dissipated, concealed, or transferred from the jurisdiction of this court,” Davis' order said.
According to court documents, Beckman raised about $47.3 million from about 143 investors through a fraudulent, unregistered offering of investments. Only $8.2 million of the money that was raised was returned to investors.
The complaint alleges that Beckman and his wife Hollie received about $7.8 million of investors' funds, which were used to support their luxurious lifestyle.
“They used the funds to pay for million-dollar homes, luxury cars, foreign travel, country-club expenses, a suite at professional hockey games, and other trappings of a high-end lifestyle,” the suit said.
Davis also issued an order on Tuesday appointing R.J. Zayed of Carlson, Caspers, Vandenburgh & Lindquist, as receiver. Zayed is also the receiver in Cook's case.
Beckman's lawyer, David Hashmall, was reached by phone on Wednesday afternoon but declined to comment on the case. The Pioneer Press reported that Hashmall told Davis at Tuesday's hearing that Beckman denies any wrongdoing.