Matthew Piercey, a California man, pled guilty to serious charges including fraud and money laundering in connection with a $35 million investment scheme. His fraudulent activities lasted from 2015 to 2020, during which he misused investor funds for personal and business expenses. In a bizarre attempt to evade arrest, he fled into Lake Shasta using an underwater scooter after a car chase. He has since paid back $8.8 million to the investors. Facing a maximum of 20 years in prison, Piercey's sentencing is set for September 4, 2025.
Matthew Piercey pleaded guilty to fraud, money laundering, and witness tampering related to a $35 million investment fraud scheme, evading arrest by diving into a lake.
Piercey exploited investor funds for personal expenses and real estate while attempting to evade authorities through a spectacular underwater escape using a sea scooter.
He has reimbursed investors $8.8 million of the $35 million defrauded, while now facing potential prison time of up to 20 years for multiple serious charges.
Piercey's bizarre underwater escape included a 20-minute disappearance underwater, culminating in his arrest, underscoring the elaborate lengths to which he went to evade prosecution.
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