California Accountant Pleads Guilty to $7 Million Ponzi Scheme

Antonio Honorato Silveira, a 50-year-old accountant from Turlock, California, has pleaded guilty to wire fraud related to a Ponzi scheme that siphoned more than $7 million from approximately 90 investors. According to the U.S. Attorney’s Office for the Eastern District of California, Silveira began soliciting client funds for purported stock investments in June 2011, promising annual returns between 13% and 17%.

Instead of investing the funds, Silveira lost money through unsuccessful trades and used a portion of the investments for personal expenses. By 2017, he informed three investors that their money was lost, yet he continued to solicit new investments until the scheme collapsed in 2025. Over the years, he raised about $11.03 million, using $3.84 million of that to pay earlier investors, falsely portraying these payments as investment gains.

At the time the scheme unraveled, Silveira owed investors approximately $7.19 million, with many victims losing significant savings, including retirement funds and college savings. The investigation was led by the IRS Criminal Investigation Division. Silveira is scheduled for sentencing on February 8, 2027, and faces a maximum of 20 years in prison.