A fake investment advisor, who tried to flee from police on an underwater scooter, has now pleaded guilty to a series of charges.
According to court filings, between mid-2015 and August 2020, Matthew Piercey took in about US$35 million from investors by holding himself out as an investment advisor, and misleading investors about a non-existent automated trading fund, the “Upvesting Fund,” and making false statements about its investing strategies, fees and commissions, and liquidity.
In fact, he ran a Ponzi scheme, U.S. authorities alleged, which paid out about US$8.8 million to investors in the scheme, but used most of the rest on various personal and business expenses.
When police sought to arrest Piercey in November 2020, he fled, leading them on a car chase through residential streets, before “abandoning his vehicle and entering Lake Shasta with an underwater submersible device,” according to the U.S. attorney’s office for the eastern district of California.
“After about 20 minutes in the water, he emerged from the lake where he was arrested,” it noted.
Ahead of a trial, which was slated for May 19, Piercey pleaded guilty to all 27 counts against him, including charges of wire fraud, money laundering, and witness tampering. He is now scheduled to be sentenced on Sept. 4.
Two other men who conspired with Piercey in the scheme previously pled guilty to charges against them. They are to have conferences regarding sentencing on Aug. 21.