U.S. Man Who Tried to Escape FBI on Underwater Scooter Pleads Guilty to $35M Ponzi Scheme

In what might be the most expensive underwater scooter ride in history, a California man who once tried to escape federal agents by literally cruising beneath the water in a lake has officially pleaded guilty to running a $35 million Ponzi scheme.

Matthew Piercey, 48, admitted Thursday to charges of wire fraud, money laundering, and witness tampering—nearly two years after his now-infamous attempt to flee the FBI using a Yamaha 350Li submersible in Lake Shasta.

Back in November 2020, Piercey ditched his pickup truck at the water’s edge and dove in with what looked like something out of a low-budget Bond film. He stayed submerged for nearly 30 minutes, with agents watching bubbles float to the surface before he eventually reemerged and was arrested—freezing, soaked, and very much caught.

According to prosecutors, the stunt was the final chapter in a five-year con where Piercey convinced investors to sink millions into his companies—Family Wealth Legacy and Zolla—by claiming he had access to a proprietary algorithm called the “Upvesting Fund.” It promised high-speed, high-tech trading returns. In reality, the fund never existed.

“Many invested their life savings…not knowing that the claim of guaranteed returns were the empty promises of a Ponzi scheme,” FBI Special Agent in Charge Sid Patel said in a press release.

Piercey returned just $8.8 million of the $35 million he collected. The rest went toward legal bills, residential properties, and, at one point, a houseboat. He also tried to cover his tracks—telling witnesses to ignore subpoenas and, after his arrest, using coded messages from jail to get associates to clear out a U-Haul locker he’d rented under a fake name. Inside? A wig and ₣31,000 in Swiss francs, which is definitely not something you pack unless you’re planning an exit that involves multiple borders.

His partner, Kenneth Winton, initially joined as an investor but eventually helped run Zolla and has also pleaded guilty.

Piercey is now facing up to 20 years for each count, with sentencing set for September 4.

It’s unclear whether he still owns the sea scooter—but if so, it’s probably not going to be much help in federal prison.