Another con man has been caught and he will have to pay for his crime. But every time I read one of these stories, I can’t help but think of the scammers who never get caught—and the people who are truly harmed by these schemes. It’s just sad.
A Southern Utah man has admitted to running an $89 million investment fraud scheme that victimized hundreds of people. According to the US Department of JusticeMatthew Shane Perkins pleaded guilty to bank fraud after carrying out the scheme from August 2023 through November 2025.
How the scheme worked
According to Fox 13 NewsPerkins falsely claimed to be a successful day trader with a proven track record. He struck a deal with an LLC that recruited investors and sent their money to him for day trading.
The reality was very different from what investors were told.
As his investors’ money disappeared, Perkins spent it on himself. According to the DOJ, he used investor money to make a down payment on a new home, buy a cabin, buy luxury vehicles and buy a plane.
200+Victims scammed
$77 million+Ordered in refund
What happens next
Perkins has agreed to restitution of more than $77 million and will forfeit the items he bought with investor money, including the plane, cabin and $13 million in additional assets. According to Fox 13sentencing is scheduled for July 8.
Investment fraud is a huge problem
This case is one of many. According to the FBI Internet Crime Report 2024investment fraud is now the most expensive category of internet crime in the United States:
And those are just the reported cases. The FTC estimates that only 2% to 6.7% of victims actually report damage due to fraud.
How to protect yourself
Here’s the thing about investment fraud: the pitch always sounds incredible. Guaranteed return, proven track record, no risk. That’s the script. And the reason it works is because the people who run these programs are good at what they do.
Any time someone promises you a guaranteed investment return, they are either lying or don’t understand investing. Anyway: run.–Steve Rhode
- Guaranteed high return with little or no risk
- Pressure to act quickly before you can investigate
- Unregistered investments or unlicensed sellers
- Secret or complex strategies they can’t explain it clearly
- Difficult to receive payments or payout
Before investing, check whether a person or company is registered with the SEC or your regulator of government bonds.
If you have lost money due to fraud
If you have been a victim of investment fraud, the financial damage can be overwhelming, especially if it involves money you cannot afford to lose. Here’s what I tell people in that situation:
- Report it. File with the IC3 of the FBIthe SECand your attorney general
- Don’t ignore the loss. Recovery fraud specifically targets fraud victims and promises to get their money back, for an upfront fee
- Assess the damage honestly. If the loss has sent you into a debt spiral, take the Find Your Path quiz to understand your real options
- Protect what’s left. Never have your pension paid out to cover fraud losses. Your future is more important.
Key Takeaways
- Matthew Shane Perkins of Utah admitted to committing an $89 million fraud scheme that victimized more than 200 people
- He falsified investment statements showing $133 million when the actual balance was less than $13 million
- He spent investor money on a house, a cabin, vehicles and a plane
- Investment fraud cost Americans $6.6 billion in 2024, according to the FBI, and 2025 is on track to get worse
- Always check that investment professionals are registered before sending money
Frequently asked questions
What did Matthew Shane Perkins do?
According to the US Department of JusticePerkins executed an $89 million investment plan from August 2023 through November 2025. He claimed to be a successful day trader, recruited investors through an LLC, provided falsified account statements and used investor money for personal purchases, including a house, a cabin and a plane.
How many people have been scammed?
According to the DOJ press releasethe scheme affected more than 200 victims. Perkins has agreed to restitution of more than $77 million.
What is the penalty for bank fraud?
Wire fraud carries a maximum penalty of 20 years in prison per charge. Perkins is scheduled to be sentenced July 8.
How common is investment fraud?
Very common. The FBI Internet Crime Report 2024 shows that losses from investment fraud that year amounted to $6.6 billion, almost doubling since 2022. By the third quarter of 2025, losses were already $6.1 billion.
What should I do if I have fallen victim to investment fraud?
Report it immediately to the IC3 of the FBIthe SECand your attorney general. Be wary of recovery scams that target fraud victims. If the financial loss has led to a debt crisis, take the free Find Your Path quiz to assess your options.
(Source: US Department of Justice | Fox 13 News)
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