Wells Fargo Ponzi Suit Airs Bank Risk in Law Firm Trust Accounts

Welcome back to the Big Law Business column on the changing legal marketplace written by me, Roy Strom. Today, we look at a bank’s response to curious account activity from one of Nevada’s fastest-growing law firms, which was really a Ponzi scheme. Sign up to receive this column in your inbox on Thursday mornings.

Matthew Beasley told Wells Fargo & Co. his solo law practice would collect about $350,000 a year when he set up a firm trust account at a branch in Las Vegas in 2017.

Instead, the account resembled that of one of the fastest growing law ...