As federal agents tried to arrest suspected Ponzi scheme architect Matthew Piercey in Redding on Monday, the 44-year-old throttled his truck off-road through residential neighborhoods and northbound on Interstate 5, leading them on a half-hour chase before screeching to a halt at the edge of Lake Shasta. As FBI agents neared and a surveillance plane monitored from above, Piercey pulled an underwater submersible device out of his truck bed, dove into the reservoir and disappeared under the frigid waters. However, unlike Hollywood escapes, FBI agents simply followed Piercey’s bubbles for about 25 minutes — his Yamaha 340Li Seascooter only has a top speed of 3.7 mph — until he surfaced and they arrested the Palo Cedro resident, according to court records. It was unclear if Piercey had a breathing apparatus or wet suit. A grand jury indicted Piercey on Nov. 12, charging him with running a $35 million Ponzi scheme, bilking investors through his companies Family Wealth Legacy and Zolla. The grand jury charged him with 31 counts of wire fraud, mail fraud, money laundering and witness tampering. As his scam fell apart in recent months, prosecutors allege Piercey tried to get investors to ignore subpoenas, telling some that he… Read full this story
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