On Monday, 44-year old Ponzi scheme suspect Matthew Piercey dove into the freezing waters of Lake Shasta in Northern California, and he used his Yamaha 350LI Seascooter underwater submersible device to stay submerged for 25 minutes, but the FBI waited him out and arrested him once he came out of the water.

Piercey was allowed to change into dry clothes, brought to the scene by his wife.

How convenient and courteous!

Assistant U.S. Attorney Christopher Hales denied bail for Piercy in a written document recanting his shenanigans.

He fled by car and then later onto Interstate 5 northbound. The chase led to Lake Shasta where Piercey abandoned his truck and pulled something out of it and swam into Lake Shasta.

Piercey spent some time out of sight underwater where law enforcement could only see bubbles. He remained in the frigid water for approximately 25 minutes. Law enforcement arrested Piercey at that point, approximately an hour after their initial contact in Redding.

Piercey’s attempt to flee from arresting agents this morning is a clear demonstration of the serious flight risk that he poses

Piercey was indicted on 31 felony counts including wire fraud, mail fraud, money laundering, and witness tampering.

He is accused of stealing millions through his investment company Family Wealth Legacy and Zolla.

From 2015-2020 Piercey and co-defendant Kenneth Winton, 67, allegedly raised $35 million from investors and falsified statements about returns.

They dispersed $8.8 million to investors, but most of the money went to “various business and personal expenses, including two residential properties and a houseboat,” according to prosecutors.

“Few, if any, liquid assets remain to repay investors,” prosecutors said.

Piercey faces up to 20 years in prison if convicted.

See the CBS Sacramento news report below:

I wonder if Piercey is a James Bond fan.

Source: NBC News