$7,000,000 Ponzi Scheme: California Man Antonio Honorato Silveira Pleads Guilty to Wire Fraud

This plea stems from a Ponzi operation that illicitly collected over $7 million from close to 90 individuals. Silveira, who held roles as a tax preparer and accountant, started accepting client funds for what were purported stock investments around June 2011. He assured clients of yearly returns ranging from 13% to 17% and provided signed promissory notes, asserting he would manage the funds at his own judgment. In reality, he squandered assets through trades that failed and allocated some funds toward personal expenditures.

By 2017, he informed three investors that the entire sum was depleted and that attracting new participants seemed unlikely, stating, "this whole experience has been terrible and I apologize.” Nevertheless, he persisted in soliciting additional capital. Between 2019 and 2025, approximately 89 persons provided him with about $11.03 million; he utilized $3.84 million of this money to reimburse earlier participants, presenting these payments as realized investment gains. When the scheme ultimately failed in 2025, he still owed investors roughly $7.19 million, impacting more than 25 victims who lost savings intended for college, retirement, or their residences.

The investigation was spearheaded by the IRS Criminal Investigation Division. Sentencing for Silveira is set for Feb. 8th, 2027, and he faces a maximum potential incarceration period of 20 years.