I’m not sure which I prefer: the Bolivian army ending, or this.
Ponzi scheme suspect Matthew Piercey, 44, of Shasta County led the FBI on an unusual chase on Monday. Piercey, who owns two investment companies, has been indicted in a $35 million ponzi scheme.
When the FBI came to his home in Redding on Monday, he fled, leading a car chase through neighborhoods and onto the Interstate 5. He then abandoned his car near Lake Shasta and dove in using a submersible vehicle. He didn’t make it too far, though, because they were waiting for him when he surfaced 25 minutes later.
Piercey is charged with wire fraud, money laundering and witness tampering. His alleged accomplice, Kenneth Winton, has separate charges of conspiracy to commit wire fraud against him.
According to court documents, Piercey managed to raise $35 million while running his scheme from July 2015 to August 2020. He allegedly used his companies, Family Wealth Legacy and Zolla, to convince investigators to invest with misleading statements. He also allegedly preyed upon his fellow parishioners at Bethel Church in much the same way, per the Sacramento Bee.
Piercey is accused of lying about trading algorithms, his companies’ success and how liquid their investments are, and discouraging witnesses from replying to Grand Jury subpoenas in relation to the investigation. He was scheduled to be arraigned Tuesday, and could face up to 20 years in prison and $250,000 in fines. Winton is planned to be arraigned Thursday, November 19th, and faces similar sentencing.
And Piercey will probably have to live with the fact that he didn’t make quite the same splash that James Bond’s Lotus Espirit made.
Source: ABC 7 KRCR
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