Ponzi schemer evades FBI on an underwater scooter

Matthew Piercey, 44

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Matthew Piercey was arrested Monday after evading FBI agents by driving his underwater scooter through Lake Shasta for 30 minutes. While running from the FBI, Piercey used his Yamaha 350Li submersible device which can propel users up to 4 miles per hour underwater. However, Piercey eventually resurfaced and was arrested.

Piercey was a fugitive suspected of a Ponzi scam involving his companies Family Wealth Legacy and Zolla. Piercey would ask investors for up to $35 million while promising an “Upvesting Fund” which doesn’t exist according to prosecutors.

Piercey currently faces charges for money laundering, witness tampering, and wire and mail fraud.

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