WASHINGTON (Reuters] – On Friday, the U.S. Securities and Exchange Commission(SEC) announced that several Las Vegas-area companies and individuals were facing charges and assets freezes. They are alleged to have been involved in a Ponzi scheme that cost nearly $450,000,000.

In a complaint filed in U.S. District Court in Las Vegas, the SEC said attorney Matthew Beasley, as well as Jeffrey Judd and Christopher Humphries, falsely told hundreds of investors that they would earn 12.5% quarterly returns by making purportedly risk-free investments in J&J (NYSE:) Consulting Services.

Judd and Beasley founded the company to provide funds for plaintiffs in tort who have reached agreements with their insurance companies. The SEC stated that none of the $449million raised by investors in five years was used to fund this purpose.