Federal prosecutors have obtained a guilty plea from a California accountant in a Ponzi scheme that drained more than $7 million from nearly 90 investors.
Antonio Honorato Silveira, 50, of Turlock has pleaded guilty to wire fraud, says the U.S. Attorney’s Office, Eastern District of California.
Silveira worked as a tax preparer and accountant and began taking client money for supposed stock investments by June 2011.
He promised annual returns of 13% to 17% and issued signed promissory notes while claiming he would manage the money at his discretion.
Instead he lost funds through unsuccessful trades and spent portions on personal expenses.
By 2017 he told three investors that all the money was gone and no new investors appeared likely, adding “this whole experience has been terrible and I apologize.” Yet, he continued to solicit fresh capital.
From 2019 to 2025 roughly 89 people gave him about $11.03 million; he used $3.84 million of that sum to pay earlier participants and portray the transfers as investment gains.
When the scheme collapsed in 2025 he still owed investors approximately $7.19 million, with more than 25 victims losing retirement savings, college funds or homes.
The IRS Criminal Investigation Division led the probe.
Silveira is scheduled for sentencing on Feb. 8th, 2027 and faces up to 20 years in prison.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
The post California Man Pleads Guilty to Wire Fraud in $7,000,000 Ponzi Scheme appeared first on The Daily Hodl.