⏱ 2 min read
Matthew Piercey, a 49-year-old from Palo Cedro, California, ran a massive $35 million investment fraud scheme, preying on trusting investors, many of whom he met at church, between July 2015 and August 2020. Piercey posed as an investment advisor, making false promises of guaranteed profits through his companies Family Wealth Legacy and Zolla. His scheme involved complicated but empty promises of investment advice, and he even had a plan to avoid prosecution.
Piercey’s web of lies was eventually unraveled by the FBI, with the help of skilled agents, forensic accountants, and specialists. On May 15, 2025, just four days before his trial, Piercey pleaded guilty to 27 counts of wire fraud, concealment money laundering, and witness tampering. His guilty plea led to a sentence of 30 years in prison, handed down by Chief U.S. District Judge Troy L. Nunley.
The impact of Piercey’s scheme was devastating, with many investors losing decades’ worth of savings. The prosecution demonstrated the commitment of law enforcement to holding accountable those who enrich themselves through deception. U.S. Attorney Eric Grant stated that the sentence reflects the human toll of the fraud scheme, with losses measured not only in dollars but also in shattered futures and personal hardship for families.
The FBI will continue to target individuals who take advantage of investors for personal gain. According to FBI Sacramento Special Agent in Charge Sid Patel, Piercey greatly underestimated the skill and determination of the FBI agents who worked to bring him to justice.
📋 Key Facts
- Crime: White Collar Crime
- Defendant: California
- Location: CA
- Source: DOJ Press Release
