California man pleads guilty after underwater scooter escape attempt

In Sacramento, California, a significant legal case unfolded when Matthew Piercey was indicted on multiple charges including wire fraud, mail fraud, money laundering, and witness tampering. His fraudulent activities spanned from 2015 to 2020, during which he solicited around $35 million from investors. Despite relatively high returns, where he managed to repay $8.8 million to his investors, many were deceived as he misused the funds for personal expenses, notably the purchase of real estate. His actions raised alarms among federal prosecutors, culminating in charges centered around an elaborate investment fraud scheme that ultimately led to his downfall. In November 2020, Piercey attempted to evade law enforcement by leading them on a high-speed chase that ended in Lake Shasta. After abandoning his vehicle, he took drastic measures by diving into the icy water using a Yamaha 350LI underwater scooter, hoping to escape arrest. Authorities noted that he remained submerged for a considerable period, eliciting only bubbles in sight, which reinforced their view of him as a flight risk. Piercey was apprehended about 20 minutes later, highlighting the extent of his desperation to avoid the consequences of his fraudulent actions. Following his arrest, he made attempts to influence witnesses and obstruct the investigation by using coded language from jail to order associates to dispose of incriminating evidence found in a U-Haul storage locker, which contained a wig and a significant amount of cash totaling approximately $37,000 in Swiss francs. As sentencing looms, Piercey faces severe repercussions, with the potential for a maximum of 80 years in prison due to the multiple charges against him, marking a significant moment in the ongoing battle against financial fraud.