One of the perpetrators of a 35 million dollars Ponzi scheme and crypto investment scam has been apprehended by FBI agents.
Now, Piercy will have to face different charges because he has directly been involved in fraud, money laundering, trying to tamper with witnesses, and even trying to escape with various crypto-related investments. Some of the crypto investments cover mining, Healthcare, and security.
Major Updates
- Alleged Ponzi operator tries fleeing using a sea scooter
- Piercy will be facing multiple charges relating to fraud.
- The perpetrators have less than 26 million USD to pay back investors.
Mathew Piercy was arrested when he was trying to escape using a sea scooter. He has been involved in other fraudulent related firms, and the authorities have now apprehended him after he could not escape.
This Ponzi operator is a 44-year-old Sacramento bee, and he has first tried running away from his home in California using a truck.
He then spent additional 25 minutes trying to get his way through the sea scooter before the FBI agents arrested him.
After the agents arrested him, he made it clear that the Upvesting fund, an associate to one of his companies, is not even in existence.
However, it is disheartening to hear that Piercy has spent above 2.5 million dollars sorting credit card bills and renovating his two homes. His other accomplice was also accused and has also used 1 million to spend it on the house.
They only have 26 million dollars left in a liquid asset that can be used to pay investors back. There are chances he would be life-sentenced if found guilty..
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