**California Man Pleads Guilty to $35 Million Investment Fraud Scheme**
A California man has pleaded guilty to multiple charges, including fraud and money laundering, in connection with a significant investment fraud scheme totaling $35 million. Matthew Piercey, 48, from Shasta County, entered his plea on Thursday, as announced by federal prosecutors.
Between 2015 and 2020, Piercey solicited funds from investors, misusing the money for personal and business expenses, which included purchasing two residential properties. Of the $35 million raised, he reportedly returned approximately $8.8 million to investors, according to the U.S. Attorney’s Office for the Eastern District of California.
In November 2020, when federal agents attempted to arrest him, Piercey led them on a car chase before abandoning his vehicle and jumping into the icy waters of Lake Shasta, equipped with a Yamaha 350LI underwater scooter. Prosecutors described how he submerged himself, evading capture for about 20 minutes while law enforcement could only see bubbles. He eventually surfaced and was taken into custody.
Following his arrest, Piercey attempted to influence investors and witnesses to ignore grand jury subpoenas. He also used coded messages from jail to instruct accomplices to dispose of a rented U-Haul storage locker. An FBI search of this locker revealed a wig and 31,000 Swiss francs, approximately $37,000.
Piercey faces a maximum sentence of 20 years in prison for each count of wire fraud, mail fraud, witness tampering, and money laundering. His sentencing is set for September 4.
**FAQ**
**What charges did Matthew Piercey plead guilty to?**
Matthew Piercey pleaded guilty to fraud, money laundering, and witness tampering related to a $35 million investment fraud scheme.
