For someone who has been accused of operating a fraudulent business, Matthew Piercey certainly doesn’t fit the go-to-mold. According to allegations, the man was operating two firms, which have collectively managed to solicit tens of millions of USD from people for investing in everything from crypto mining, life insurance, and other assets. The most interesting part is that when the FBI attempted to apprehend him, he decided to make a run for it and used a sea scooter for making his brave escape. A media outlet hailing from California, the Sacramento Bee detailed how the 44 year old man had managed to boldly evade the FBI agents who had been trying to apprehend him for an hour.
Hailing from Shasta County, Matthew Piercey fled from his home in Redding, California, in a truck, which made the chase quite normal. But, this is when things got interesting as he started driving around the residential areas of the town to avoid being pursued. In order to make his way to the Interstate 5 highway, twice he veered off the road, but then he decided to scrap that plan. At the edges of Lake Shasta, he decided to ditch his truck. He then moved ahead to get his hands on a sea scooter, which is a device used by divers for moving underwater at a speed of about 4 miles an hour or more.
He used the sea scooter for propelling himself underwater in Lake Shasta for a period of 25 minutes. The biggest flaw in this plan was that he was in a lake, which doesn’t have a lot of exit points. When he did eventually emerge from the lake, the FBI agents arrested him on the spot, when he was a bit chilly after spending almost half an hour moving underwater. His escapades netted Matthew Piercey with a number of charges of mail fraud, money laundering and witness tampering.
In fact, he was also accused of witness tampering in regard to his actions within the two firms he owns, which are Family Wealth Legacy LLC and Zolla Financial LLC. It is believed that the two companies were able to collect a total of $35 million from the two investors and they had been collecting this amount since 2015. These investments had been made for different ‘investment products’, which included crypto mining schemes, healthcare investments, and even securities. The minimum investment amount was set at $50,000, which indicated that the companies were targeting heavyweight investors.
However, one mistake that Piercey ended up making was allegedly admitting to one of his associates that ‘Upvesting Fund’ offered by companies is completely nonexistent. As a matter of fact, the man has also been accused of just using the world crypto as a buzzword and having absolutely no understanding of what these digital assets really are. One of the lawyers who is representing the clients of Family Wealth is Joshua Cons. He went on record to state that he wasn’t convinced that Piercey knew anything about cryptocurrencies.