California-based man remains underwater for 30 minutes to avoid FBI arrest

The FBI has arrested Matthew Piercey after remaining underwater for 30 minutes over a crypto ponzi scheme. He might face severe charges if proven guilty.

By · Nov 18, 2020 . 6min read

California-based man FBI arrest latest news

A Shasta County man, Matthew Piercey has been detained by the United States Federal Bureau of Investigation (FBI) after remaining underwater for 30 minutes. He utilized sea scooter to avoid detainment. According to the reports, Matthew Piercey had active involvement in a crypto Ponzi scheme. He bilked innocent investors of $35 million by his businesses. Piercey and his business associate Kenneth Winton are responsible for running a Ponzi scheme via two companies, Family Wealth Legacy and Zolla.

Matthew Piercey allegedly used upvesting fund.

According to the reports, Piercey runs two companies, via which he requested funds from investors. According to the FBI, he essentially trapped wealthy investors in 2015 with the company’s investment products. The products were capped at $50,000 as minimum investments. The companies which Piercey stated, however, didn’t exist. It allegedly provided digital currency mining schemes and securities investments, amongst others. 

According to court documents, between July 2015 and August 2020, Piercey persuaded investors to invest $35 million in his companies, informing them attractive returns. Moreover, he pretended to be practising ”Upvesting Fund”. It is an algorithmic trading fund. Nevertheless, the court documents state that Piercey purportedly confessed to an associate that there was no Upvesting Fund.

However, the FBI started chasing Piercey. Therefore, he ran away from his home in Redding, California, utilizing his truck. Moreover, Matthew Piercey rode by the town’s residential areas only to drop his vehicle on the edge of Lake Shasta. Employing a sea scooter, he went under the cold water of California’s largest reservoir for approximately half an hour to circumvent being detained by the law enforcement officers.

 Matthew Piercey dived into the water using the Yamaha submersible device. The Yamaha 350L costs around $1,195 with underwater propulsion, which enables users to navigate below the surface at depths of 100 feet. Moreover, it can pull users at speeds of up to 3.7 mph. However, he faced detainment after resurfacing, and he is serving charges for the crypto crimes. Amidst others, the charges cited on him include mail fraud, wire fraud and money laundering. Moreover, Piercey may serve a life sentence for the crypto crime if proven guilty. 

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