SACRAMENTO (CBS13) — A suspect in a $35 million Ponzi scheme is in custody after trying to escape arrest by using a sea scooter to hide from FBI agents in Lake Shasta. The U.S. Attorney’s office filed court documents that said 44-year-old Matthew Piercey used a Yamaha submersible device to stay under the surface of Lake Shasta after initially leading agents on a chase through neighborhoods and highways in the Redding area. A helicopter monitoring Piercey watched him swim into the lake with the device after abandoning his truck at the shore. A Yamaha tutorial video describes the “sea scooter” as having underwater propulsion that allows users to cruise at depths of 100 feet below the surface. According to court documents, Piercey was out of sight underwater File photo of SCUBA divers using Yamaha Sea Scooters (credit: Yamaha) “where law enforcement could only see bubbles.” He emerged from the frigid waters after 25 minutes and was taken into custody. Piercey has been indicted for running an alleged $35 million Ponzi scheme through his company called Family Wealth Legacy. He allegedly used investor money to buy his homes and pay millions of his own credit. More from CBS Sacramento: Stimulus Package… Read full this story
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