Southern Utah man given 15 years in prison for $89M fraud scheme

ST. GEORGE — A Washington City man was sentenced last week to 15 years in prison for defrauding more than 200 people of $89 million, which he spent on luxury cars, a plane and other extravagant expenses.

Matthew Shane Perkins, 47, posed as a "savant" stock trader, convincing investors to trust him as he claimed he was a "brilliant trader who consistently beat the market and rarely suffered losing days," a sentencing memorandum states.

In total, he obtained about $89 million from the approximately 200 investors between August 2023 and November 2025, the charges said. He conducted the scheme through operating the business Forged Oak LLC, where he made a business arrangement with RentDue Capital who recruited investors to three separate funds of social media, the company's website and meetings with investors, according to the charges.

"When RentDue Capital received investors' money, the principal sent the funds to Perkins to day trade," the U.S. Attorney's Office of Utah said.

Perkins would make false representations regarding the performance funds, including giving RentDue Capital falsified daily trading statements that inflated the balance of funds, the charges said. In one instance, a brokerage statement said there was over $133 million in funds, when in reality, there was less than $13 million, according to the charges.

"Unbeknownst to investors, Perkins lost tens of millions of dollars in day trading. He also misappropriated millions of dollars from investors for personal expenses, for a down payment on a home, and to purchase a cabin, luxury vehicles, an airplane and a $80,000 hunt in British Columbia, among other things," the U.S. Attorney's Office of Utah said.

Federal prosecutors said in total, investors lost an "astronomical $77,683,091.96, making Perkins's fraud one of the largest in Utah history."

Perkins was charged in Utah federal court in January with wire fraud. In February, he pleaded guilty to the charge and agreed to forfeit the luxury vehicles, the airplane, three properties and almost $13 million, according to court documents.

"I failed to disclose to investors that I lost tens of millions of dollars trading, had consistent losing days, and did not generate profits for investors. In fact, I lost or misappropriated all but approximately $13 million in investors' funds," Perkins said in his plea statement.

He will serve three years on probation after his 15-year imprisonment and was ordered to pay $77,683,091.96 in restitution to the victims.

"Perkins' elaborate scheme left a slew of victims in his wake," said U.S. Attorney Melissa Holyoak for the District of Utah. "Many of the over 200 victims were everyday Americans who lost their life savings, all to fund Perkins' extravagant lifestyle, including his private plane, cabin and luxury cars."

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