A Northern California man pleaded guilty Thursday to a Ponzi-like fraud scheme, following his arrest in 2020 where he tried to escape the FBI using a submarine in Shasta Lake, officials said.
Matthew Piercey, a 48-year-old from Palo Cedro, admitted to wire fraud, money laundering and witness tampering in the $35 million investment fraud scheme that occurred from July 2015 to August 2020, the U.S. Attorney’s Office in the Eastern District of California said in a news release.
In the operation, Piercey scammed investors by making false statements under the guise of two investment companies, Family Wealth Legacy and Zolla, the attorney’s office said. Piercey lied to investors about an “Upvesting Fund,” which was supposedly a successful “automated algorithmic trading fund.”…