A Ponzi scheme that brought in an estimated $300 million ended with FBI agents showing up at the fraudster’s door and shooting him in the middle of a bizarre four-hour standoff, according to a report.

The FBI raided the residence of Las Vegas attorney Matthew Beasley — one of two men who allegedly ran the Ponzi scheme — earlier this year after getting tipped off by short seller Hindenburg Research, The Wall Street Journal reported on Thursday (paywall).

Beasley opened the door sideways but — in a move straight out of a Hollywood crime flick — then faced forward revealing he was pointing a gun at his own head. He then brandished the gun in front of the officers and swung it at them, according to the paper.

FBI investigators shot him twice and Beasley retreated back into his home — bleeding from gunshot wounds in his chest and shoulder. The feds brought in a hostage negotiator, and Beasley “said he wished the agents had killed him—he said he would rather die than go to prison,” the Journal reported, citing federal prosecutors.

After a tense four-hour standoff, Beasley admitted the so-called “investment” opportunity, J&J Purchasing and J&J Consulting Services, he was running with Jeffrey Judd was a scam. He emerged from his house alive and was taken into custody.

It appears to be the end of a lavish lifestyle for Beasley and Judd. Since the two men began soliciting investments in 2017, they’ve bought a private jet, millions of dollars of real-estate, and opulent cars including Bentleys, a Rolls Royce, a Porsche and an Aston Martin.

The dramatic climax is also the end of a multi-million Ponzi scheme, a financial hoax that lures investors in with the promise of a risk free investment with high returns — the operator pays old investors off with new investors money.

J&J told thousands of people — mostly investors in the Western U.S. who spent $80,000 to $100,000 — that they were fronting the money for individuals to file personal injury lawsuits. The bet paid 12.5% returns in just 90 days.

Hindenburg founder Nate Anderson told the Wall Street Journal the operation was “the most obvious Ponzi scheme we’ve ever seen.”

Hindenburg was tipped off by an accountant who had several clients invested and suspected something fishy. One Hindenburg partner happened to know a high school classmate of Judd’s, Mark Holt, and enlisted his help to learn more about the operation.

Holt, who runs a private jet charter company flew to Las Vegas to meet with Judd and J&J marketers. Hindenburg wired Holt’s jet with microphones and cameras to gather intel about the operation. One marketer conceded to Holt the deal was so good some investors thought it was in fact a Ponzi scheme. And after analysis, Hindenburg concluded it was in fact too good to be true.

Hindenburg shared the information it gathered with the FBI and shortly thereafter investigators visited Beasley’s home.

The investment scheme was private so Hindenburg couldn’t take its usual approach of shorting the stock. Instead, Hindenburg filed a whistleblower complaint with the Securities and Exchange Commission so it can collect a reward if the government extracts a significant penalty.

Hindenburg is perhaps most famous for revealing electric truck company Nikola’s trucks were faulty. Nikola had posted footage of one of its trucks driving when it was actually just rolling downhill.

Investors have begun suing J&J — last week five investors filed an involuntary bankruptcy petition requesting the entity go into bankruptcy in the hopes they recover some of their money.

Beasley was charged with assaulting a federal officer but has yet to be charged with any financial misconduct. Earlier this month Beasley’s attorney said the incident was a “one-time, extreme emotional crisis.” The FBI is still investigating the financial crimes.