A California man pleaded guilty to orchestrating a $35 million fraud scheme and attempted to evade authorities using an underwater scooter. Matthew Piercey, 48, admitted to wire fraud, concealment money laundering, and witness tampering in connection with the Ponzi scheme he ran between July 2015 and August 2020, as reported by the U.S. Attorney’s Office for the Eastern District of California. Piercey used investor funds for personal expenses, including paying for legal services and buying properties. When FBI agents tried to arrest him in November 2020, Piercey led them on a chase before entering a lake with an underwater scooter.
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The underwater scooter, identified as a Yamaha 350LI submersible device, allowed Piercey to stay submerged out of sight while agents could only see bubbles. The scooter, typically used by divers, can pull users underwater at speeds of around 4 mph. After about 20 minutes underwater, Piercey emerged and was apprehended by FBI agents. Following his arrest, Piercey used coded language with associates to instruct them to take actions with items in his U-Haul storage locker, where authorities found a wig and over $37,000 in Swiss francs.
Despite refunding $8.8 million of the $35 million invested, Piercey still faces sentencing on September 4, 2025, with a maximum penalty of 20 years in prison and a substantial fine for each count of wire and mail fraud. The FBI reiterated its commitment to ensuring those who deceive the public face the consequences of their actions. This case serves as a reminder of the importance of due diligence when investing and the diligent work of law enforcement in pursuing financial criminals to uphold the law and protect investors.
The elaborate attempt to evade authorities using an underwater scooter highlights the lengths to which some individuals will go to avoid facing justice for their crimes. Piercey’s story serves as a cautionary tale about the risks of investment fraud and the importance of thorough scrutiny before committing funds to any scheme. The involvement of the FBI and their dedication to pursuing financial criminals underscores the significance of holding perpetrators accountable and seeking justice for victims of fraud.
As the legal proceedings continue, the case of Matthew Piercey will provide insights into the repercussions of financial crimes and the measures taken to address them. The complexity of the Ponzi scheme and the subsequent attempts to obstruct justice demonstrate the challenges faced by law enforcement in combatting white-collar crime. The sentencing of Piercey will mark a crucial step in the pursuit of justice and the enforcement of financial regulations to protect investors from falling victim to fraudulent schemes.
This case serves as a reminder of the importance of transparency and accountability in financial transactions, and of the vigilance required to detect and prevent fraudulent activities. The collaboration between law enforcement agencies and prosecutors in bringing financial criminals to justice highlights the dedication to upholding the law and safeguarding the interests of the public. As the legal process unfolds, the outcomes of the sentencing will shed light on the consequences of engaging in fraudulent schemes and the efforts to seek restitution for those impacted by financial fraud.