Alleged Fraudster Flees from Arrest Using Submersible Sea Scooter

person swimming signThe U.S. Attorney for the Eastern District of California announced the arrest and indictment of Matthew Piercey in connection with a fraud and Ponzi investment scheme involving Family Wealth Legacy and Zolla. Mr. Piercey is alleged to have raised approximately $35 million from investors between 2015 and 2020. In an unusual twist on investment fraud cases, Mr. Piercey allegedly fled in a vehicle from law enforcement when they attempted to arrest them. The chase ended at a lake where witnesses saw Mr. Piercey take something from his truck before swimming into the water. The Sacramento Bee reported that Mr. Piercey remained in the lake for approximately 25 minutes, using a submersible sea scooter to move around underwater. 

The indictment, describing the fraud and Ponzi scheme in detail, is available here.


This blog is intended to provide information to the general public and to practitioners about developments that may impact Oregon Investments.

Sign up to receive Investor Blog posts in your inbox!

Cody Berne

Cody Berne is an attorney at Stoll Berne in Portland. Cody’s practice focuses on representing investors who lost money because of fraud and other misconduct, class actions, and business litigation. He is a member of the Public Investors Advocate Bar Association and the Oregon Trial Lawyers Association.

Share: 

Share on facebook
Share on twitter
Share on linkedin

Legal Disclaimer

The information contained in this blog does not constitute legal advice, and does not create an attorney-client relationship. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this blog.