Man suspected of Ponzi scheme attempts to flee FBI using submersible

Man suspected of Ponzi scheme attempts to flee FBI using submersible

REDDING, Calif. — A California man suspected of involvement in a Ponzi scheme tried to flee arresting FBI agents by diving into a lake with an underwater submersible, officials said.

Matthew Piercey, 44, was indicted Thursday for his involvement in a $35 million Ponzi scheme, KRCR reported.

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FBI agents went to arrest him Monday, and he fled, leading authorities on a car chase through neighborhoods and onto Interstate 5. He abandoned the car and tried to escape by diving into a lake with an underwater submersible.

He was arrested about 25 minutes later when he came up from the water.

Piercey is charged with wire fraud, money laundering and witness tampering. He and his accomplice could face 20 years in prison and a $250,000 fine, KRCR reported.

His accomplice, Kenneth Winton, 67, is charged with conspiracy to commit wire fraud. His arraignment is Thursday.