CA Man Antonio Honorato Silveira Pleads Guilty to Wire Fraud in $7 Million Ponzi Scheme

Antonio Honorato Silveira, aged 50 and residing in Turlock, has pleaded guilty to wire fraud. This scheme reportedly depleted over $7 million from close to 90 investors.

Silveira, who functioned as a tax preparer and accountant, started accepting client funds for purported stock investments around June 2011. He guaranteed yearly returns ranging from 13% to 17% and issued signed promissory notes, claiming discretionary management of the capital.

Instead, he incurred losses through unsuccessful trades and allocated some funds to personal expenditures. By 2017, he informed three investors that the money was depleted and 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 individuals provided him with roughly $11.03 million. Silveira utilized $3.84 million of this total to compensate earlier participants, presenting these transfers as investment profits.

When the operation failed in 2025, he still owed investors about $7.19 million. More than 25 victims suffered losses affecting retirement savings, college funds, or residences.

The IRS Criminal Investigation Division directed the investigation. Silveira is slated for sentencing on February 8th, 2027, and faces a maximum of 20 years incarceration.

These instances highlight the persistent risks associated with financial structures that lack transparent, protocol-level oversight, regardless of the underlying asset class.

Why it matters

While this case involves traditional finance fraud, it highlights the persistent risk of fraudulent investment structures. Such schemes can mimic legitimate decentralized finance promises, underscoring the need for extreme scrutiny regarding investment solicitations outside regulated DeFi environments.