Escape from Cryptocurrency Chain of Happiness Suspect

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The man sought for his connection with two different pyramid chains connected with crypto money mining was caught in a chase that would not be like Hollywood movies. The fraudster, who said that he was mining crypto money with the funds he obtained, tried to escape from the FBI with a sea scooter.

The man, accused of running two cryptocurrency mining pyramid companies, first tried to escape with a pickup truck and then a “sea scooter”. 44-year-old Matthew Piercey, wanted by FBI agents for accusations of fraud and money laundering, failed in his attempt to escape action movies and was caught.

Targeted only wealthy investors

According to the news reported by Sacramento Bee, Matthew Piercey has been running two fake investment companies since 2015 that have defrauded investors for an estimated $ 35 million. Founded by Piercey, Family Wealth Legacy LLC and Zolla Financial LLC firms targeted only wealthy investors. The minimum investment amount for both investment companies was limited to 50 thousand dollars.

Funds obtained by investment companies were allegedly invested in cryptocurrency mining, life insurance, and some other assets. But Matthew Piercey, the founder of the companies, paid the bill heavily due to his inadequate ability to keep secrets. Everything started to surface when Piercey told one of his partners that there was actually no “investment fund”.

Piercey’s mask fell off, his lies revealed

Matthew Piercey in an empty moment dug his own well with the truth he confessed to one of his partners. It was later revealed that Piercey actually had very little knowledge of cryptocurrencies. It is believed that Piercey spent the funds he collected from customers in his luxury life by keeping only aside.

It is also among the allegations that 8.8 million dollars of the collected funds were paid back to the investors as a profit. According to data obtained by the FBI, very little is left of the remaining net money of $ 26 million. It is alleged that Piercey and his accomplices, which have not yet been clearly confirmed, spend money and luxury. It is stated that with the remaining money, even half of the injured investors cannot be compensated.

Breathtaking chase both on land and in water

When government officials became aware of the fraud perpetrated by Piercey, they decided to capture him at his home in California. But Piercey managed to escape from the authorities for more than an hour. Piercey first started his escape scenario with his van, just like Hollywood movies. Piercey, who chased the FBI with his van for a while, then tried to escape with a sea scooter that allowed the divers to move faster in the water.

Piercey was captured and arrested by the FBI after being underwater for about 25 minutes on a water scooter on Lake Shasta. Piercey allegedly spent around $ 2.5 million to renovate his luxury home and pay for his credit card bills.

It is claimed that Kenneth Winton, who is thought to be an accomplice of Piercey in this fraudulent activity regarding the FBI crypto money, bought himself a boat and a house with $ 1 million collected from investors. It is predicted that Piercey could be sentenced to life imprisonment if found guilty. No clear statement has yet been made regarding other persons who may have been involved in the crime.


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