A California man, Matthew Piercey, aged 48, has admitted to his involvement in a massive $35 million fraud scheme. He pleaded guilty to charges including wire fraud, money laundering, and witness tampering.
According to the U.S. Attorney’s Office for the Eastern District of California, Piercey misused investor funds for personal expenses and other ventures from July 2015 to August 2020. This included payments to a criminal defense firm and purchasing two homes.
In November 2020, when FBI agents attempted to arrest him, Piercey tried to escape. He led the agents on a chase through a neighborhood before diving into a lake using an underwater scooter, specifically a Yamaha 350LI. While submerged, he was out of sight for around 20 minutes, only visible because of the bubbles rising to the surface.
Eventually, he emerged from the lake and was arrested. After his capture, he tried to interfere with the investigation by using coded messages to instruct others on what to do with items in a storage unit he rented. An FBI search of this unit revealed a wig and about $37,000 in Swiss francs.
Many investors lost their life savings due to Piercey’s fraudulent activities. An FBI agent emphasized the commitment of law enforcement to hold individuals accountable for such deception.
Piercey had returned $8.8 million of the $35 million he had taken. He is set to be sentenced on September 4, 2025, facing a maximum of 20 years in prison and potential fines of up to $250,000 or double the amount gained through his fraudulent activities.
