He Tried To Run From The FBI With An Underwater Scooter After Getting Caught Running A $35 Million Dollar Ponzi Scheme
When your multi-million dollar Ponzi scheme starts to fall apart, you might think about running away and hiding out until it all blows over. That’s what one 48-year-old man from California attempted to do after he got caught scamming.
Matthew Piercey ran a $35 million fraud scheme and tried to avoid arrest by jumping into a lake with an underwater scooter.
According to the U.S. Attorney’s Office for the Eastern District of California, he has since pled guilty to wire fraud, money laundering, and witness tampering.
Prosecutors said that Piercey solicited investor funds and used the money for personal expenses, including the purchase of two residential properties. His crimes took place between July 2015 and August 2020.
In November 2020, FBI agents tried to arrest him, but he evaded arrest by leading them on a car chase through a residential neighborhood and onto a highway before dumping his vehicle and jumping into a lake with a scooter.
The scooter was later identified as a Yamaha 350LI underwater submersible device. It is often used by divers to pull themselves underwater at speeds of about four miles per hour.
“Piercey spent some time out of sight underwater where law enforcement could only see bubbles,” wrote federal prosecutors in court documents.
He resurfaced after about 20 minutes and was arrested. Following his arrest, he used coded language with two individuals who visited him in jail to direct them to get rid of contents in his U-Haul storage locker with the goal of preventing investors and witnesses from responding to grand jury subpoenas.
When FBI agents searched the locker, they found a wig and 31,000 Swiss francs, which equates to roughly $37,000.
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Piercey paid back about $8.8 million of the $35 million invested, per the U.S. Attorney’s Office. He is scheduled to be sentenced on September 4, 2025.
He faces a maximum penalty of 20 years in prison for wire fraud, mail fraud, money laundering, and witness tampering, as well as a fine of up to $250,000 or twice the gross gain/loss for each wire fraud and mail fraud.
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