WASHINGTON COUNTY, Utah — A Washington County man has pleaded guilty to a scheme that defrauded hundreds of people of their investments, all while he spent their millions on a new home, cabin, luxury vehicles and an airplane.
Matthew Shane Perkins pleaded guilty to wire fraud Monday, according to the U.S. Department of Justice.
In all, the investment scheme that took place between August 2023 and November 2025 totaled $89 million.
Perkins admitted to fraudulently claiming to be a successful day trader with a "track record of success," the DOJ reported, and then established an arrangement with an LLC that recruited investors and then sent their investments to Perkins to day trade.
Throughout the scheme, Perkins provided falsified records that inflated the balance of the fund he was working with, including those in November, in which a falsified statement claimed over $133 million was in the funds, which actually had less than $13 million.
As Perkins was losing "tens of millions" in day trading, he took millions that had been entrusted to him and spent the money on a down payment on a home, a new cabin, and the airplane.
In his plea, Perkins agreed to restitution of over $77 million and will forfeit the items he purchased with the invested money, along with $13 million.
Perkins will be sentenced on July 8.
