SACRAMENTO, Calif. — A 50-year-old Turlock tax preparer and accountant pleaded guilty to wire fraud in connection with an $11 million investment scheme that left dozens of victims facing financial hardship, including lost retirement savings, delayed retirements and the sale of a home, federal prosecutors announced Monday.
QUICK FACT CHECKLIST:
- Defendant:Antonio Honorato Silveira
- ✓ Age: 50
- ✓ Residence: Turlock, California
- ✓ Occupation: Tax preparer and accountant
- ✓ Charge: Wire fraud
- ✓ Plea: Guilty
- ✓ Scheme began: By June 2011
- ✓ Promised returns: 13%–17% annually
- ✓ Investors: Approximately 89 (2019–2025)
- ✓ Investor funds: $11.03 million
- ✓ False investment returns: $3.84 million
- ✓ Amount owed: Approximately $7.19 million
- ✓ Victims facing hardship: More than 25
- ✓ Federal district: Eastern District of California
Antonio Honorato Silveira admitted to defrauding investors after promising annual investment returns ranging from 13% to 17%, according to court documents.
Silveira began accepting money from clients to invest on their behalf by June 2011. He documented his promises through signed promissory notes and guarantees, giving investors assurances about their money.
Investors authorized Silveira to manage their funds and trade in the stock market at his discretion.
But Silveira consistently lost money through unsuccessful stock trading and diverted investor funds to cover personal expenses, prosecutors said.
By 2017, Silveira acknowledged his financial troubles in a written message to three investors.
“I no longer have any money, it was all lost. Doesn’t appear to be any new investors in sight either,” he wrote.
“This whole experience has been terrible and I apologize,” he added.
Despite acknowledging the losses, Silveira continued soliciting new investors.
Between 2019 and 2025, approximately 89 investors entrusted Silveira with $11.03 million, even though he knew he could not deliver the promised returns, according to court documents.
During those seven years, Silveira recorded profits in only two years and losses in the other five. His losses in each unprofitable year exceeded the gains from any single profitable year.
To conceal the mounting losses, Silveira used approximately $3.84 million from investor funds to make payments to other investors, falsely presenting the money as legitimate investment returns.
By the time the scheme collapsed in 2025, Silveira owed investors approximately $7.19 million.
The financial consequences were devastating for numerous victims.
More than 25 investors suffered substantial financial hardships, including the loss of retirement savings and college funds. Some were forced to postpone retirement, while at least one investor had to sell a home.