Matthew Piercey, 49, of Palo Cedro, has been sentenced to 30 years in prison for orchestrating a $35 million investment fraud scheme, along with charges of wire fraud, concealment money laundering, and witness tampering.
Chief U.S. District Judge Troy L. Nunley delivered the sentence after Piercey pleaded guilty to 27 counts just days before his trial was set to begin. U.S. Attorney Eric Grant emphasized the severe impact, stating, “Today’s sentence reflects the devastating human toll of this fraud scheme. Piercey preyed on trusting investors, many of whom he met at church, convincing them to hand over decades’ worth of savings.”
Between July 2015 and August 2020, Piercey solicited funds through his companies, Family Wealth Legacy and Zolla, making false claims about trading algorithms, fees, and investment success, including a non-existent “Upvesting Fund.” Operating a Ponzi-like scheme, he used new investor money to pay earlier investors and later involved a Redding-area chiropractor to conceal his activities.
Of the approximately $35 million invested, Piercey repaid only about $8.8 million, diverting the rest to personal and business expenses, including two residential properties. When under investigation, he attempted to dissuade witnesses and siphoned nearly $775,000 from victims.
His attempt to evade arrest in November 2020 involved a vehicle chase, abandoning his car, and entering Lake Shasta with an underwater submersible device before his eventual capture. Post-arrest, Piercey used coded language from jail to direct individuals to a U-Haul locker, rented under a fictitious name, which contained a wig and ₣31,000 in Swiss francs. FBI Sacramento Special Agent in Charge Sid Patel noted, “He greatly underestimated the skill and determination of the FBI agents, forensic accountants, and specialists, who carefully unravelled his web of lies and stopped his attempt to escape arrest.”
Kenneth Winton, 73, of Chico, a co-conspirator in the scheme, pleaded guilty in December 2020 and is scheduled for sentencing on August 27, 2026.