Antonio Honorato Silveira, a 50-year-old Turlock tax preparer and accountant, pleaded guilty to wire fraud. Court documents say he took approximately $11.03 million from about 89 investors between 2019 and 2025, promising annual returns of 13% to 17% and backing those promises with signed promissory notes and guarantees. When the scheme collapsed, investors were owed about $7.19 million.
The U.S. Department of Justice confirmed the wire-fraud plea. The case’s history extends beyond the years when most losses accumulated: according to ABC10, court documents say Silveira had been accepting client money to invest on their behalf since no later than June 2011.
Losses Mounted Year After Year
The trading results help explain why the promised returns could not be sustained. In the 2019-to-2025 period, Silveira made gains in only two years; losses in each of the other five years were larger than the gains in either profitable year, according to The Modesto Bee.
A warning sign had emerged earlier. In 2017, Silveira told three investors he had no money left and did not expect new investors, apologizing for what he called the “terrible experience,” according to The Modesto Bee. Court documents say he continued soliciting investors and knew by 2019 that he could not pay the returns promised in writing.
Diverted Funds and a Collapsed Scheme
Court filings show investor funds went toward personal expenses as well as payments presented as profits. About $3.84 million was paid out under that description, according to The Modesto Bee. By the scheme’s collapse in 2025, investors were owed about $7.19 million.
The U.S. Attorney’s Office said more than 25 investors suffered substantial financial hardship, including losing retirement savings or college funds, postponing retirement, or selling a home, according to The Modesto Bee. IRS Criminal Investigation investigated the case.
Investment Fraud in a National Context
The case comes amid substantial nationwide losses reported to the FBI. Its 2025 IC3 Annual Report said losses reported to the center exceeded $20 billion that year, with investment-related fraud the largest component. Those figures cover cybercrime complaints broadly and do not represent losses in this case, according to the FBI Internet Crime Complaint Center.
Tax preparation and investment advice are separate
California requires non-exempt people who prepare or assist with tax returns for compensation to register with the California Tax Education Council, according to the California Franchise Tax Board. Separately, the state’s Department of Financial Protection and Innovation generally defines an investment adviser as someone who, for compensation, advises others about securities or whether to invest in them. These describe distinct activities; tax-preparer registration is not the same as registration to provide investment advice. As general guidance, the SEC, NASAA and FINRA identify promises of high guaranteed returns with little or no risk as classic fraud warning signs. The SEC cautions that promissory notes can be appropriate investments, but notes sold broadly to individual investors are often scams.
Sentencing Set for Early 2027
Silveira is scheduled to be sentenced on February 8, 2027, and faces a maximum sentence of 20 years in prison, according to The Modesto Bee. The Justice Department's release confirms the wire-fraud plea.
