Matthew Piercey spent 25 minutes in a frigid California lake after he attempted to evade police on Monday. Piercey was wanted for his role in an alleged $35 million Ponzi scheme he was running with his partner, Kenneth Winton.

According to federal prosecutors, Piercey is accused of swindling investors into giving money to his companies, Family Wealth Legacy and Zolla, promising guaranteed returns using an "Upvesting Fund". Piercey allegedly admitted privately to an associate that there was no Upvesting Fund, prosecutors said.

Initially when agents went arrest Piercey, he jumped in a pickup and proceeded to lead them on a chase that ended at the shoreline of Lake Shasta, California's largest reservoir. He jumped into the lake and quickly submerged under water using a Yamaha 350Li underwater "sea scooter". CBS Sacramento reported that he eventually resurfaced and was handcuffed.

Federal prosecutors called Piercey a "flight risk" and wrote the following in court documents:

"Piercey abandoned his truck near the edge of Lake Shasta, pulled something out of it, and swam into Lake Shasta. Piercey spent some time out of sight underwater where law enforcement could only see bubbles."

Court documents show that Piercey and Winton used investor money for various business and personal expenses, including two residential properties, a houseboat, and apparently a sea scooter.