Piercey stayed underwater for nearly 30 minutes until he ultimately got out on his own, at which point he was arrested, authorities say. Medical personnel said that he was fine, and his wife had given the federal agents a set of dry clothes to change into.
Per court documents cited by the Los Angeles Times, Piercey was wanted by the FBI for soliciting $35 million from investors for an “upvesting fund” alongside business partner Kenneth Winton. Piercey allegedly admitted to an associate that the fund didn’t exist. Only $8.8 million was allegedly paid back to investors, while the rest of those funds were used to purchase and renovate two properties, buy a houseboat, pay off credit cards, among other things.
As a result, Piercey faces multiple charges including mail fraud, wire fraud, money laundering and witness tampering. If convicted, Piercey and Winton could face hundreds of thousands of dollars in fines up to 20 years in prison.
Naturally, prosecutors have used Piercey’s James Bond-style escape as evidence that he is a flight risk.
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