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Ponzi Scheme Suspect Attempts To Flee Authorities By Driving A “Sea Scooter” Into Lake Shasta And Fails Miserably!

A Shasta County man charged in a major Ponzi scheme attempted to flee from authorities dove into Lake Shasta using a “sea scooter.”

The suspect, Matthew Piercey, didn’t make it that far and was arrested when he came out of the water 25 minutes later, authorities say.

When FBI agents tried to arrest Piercy in Redding on Monday, he drove off, leading authorities on a chase through neighborhoods and eventually to Lake Shasta.

“Then, Piercey abandoned his truck near the edge of Lake Shasta, pulled something out of it, and swam into Lake Shasta,” federal prosecutors wrote in court documents. “Piercey spent some time out of sight underwater where law enforcement could only see bubbles.”

Piercey carried out an investment fraud scheme, raising $35 million in investor funds from July 2015 through August 2020.

He allegedly used his companies, Family Wealth Legacy and Zolla, to solicit funds from investigators using misleading statements.

Piercey is scheduled to be arraigned today. He faces multiple charges that could land him in prison for up to 20 years with a $250,000 dollar fine.

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