Matthew Piercey Wiki
Matthew Piercey Biography
Matthew Piercey, a 44-year-old Palo Cedro man accused of participating in a multi-million dollar Ponzi scheme, recently made headlines while attempting to use a marine scooter on Lake Shasta to escape capture by the FBI, as reported by CBS News.
Piercey was arrested, according to the unsealed indictment document from the Eastern District of California, on Nov. 16, 2020, and faces charges of wire and mail fraud, money laundering and witness tampering.
He, and an associate the FBI has said was an accessory to the scheme named Kenneth Winton, are accused of defrauding investors of more than $ 35 million.
Matthew Piercey Age
Matthew Piercey, a 44-year-old
Piercey Described Himself as the President of a Wealth Management Company
Piercey had a legal background and even appeared to work at the law firm of a relative, Rodney Piercey, at Piercey & Associates, Ltd. The Barrington, Illinois-based firm has 5,000 clients and describes itself as “a Christian small business with attorneys who are ready to help you with all your estate planning and real estate matters. ”
A photo on Piercey’s Linkedin page appears to show him sitting with Rodney Piercey, the founder of the law firm Pericety & Associates Ltd., on the cover of a magazine called “Chicago’s Best Lawyers, 2012 Edition.”
Piercey, according to his Linkedin page, describes himself as the president of a wealth management agency called Clear Spring, LLC, of Barrington, Illinois; he describes himself as belonging to the company since December 2006 and describes the company as a kind of guard against “tax capital punishment”.
Piercey Set up Multiple Companies to Defraud Investors, the FBI Says
Family Wealth Legacy LLC, which solicited investors with the promise of fixed-return investing, equity investments, algorithm-based investments, cryptocurrency mining, and life insurance.
Zolla Financial LLC, which was supposed to take out loans, make successful investments using algorithms, and offer fixed returns based on those investments.
“Company 3” described by the FBI as a “medical business” based in Redding, California.
The FBI noted that once they obtained these so-called mutual funds, some of which came from IRA accounts, Piercey and Winton used them “contrary to what investors had been told, including but not limited to commissions. and fees, personal use, real estate purchase, Family Wealth Legacy and Zolla expenses… cash withdrawals ”.
Piercey’s Partner, Kenneth Winton, Has Also Been Charged With Being Part of a Ponzi Scheme
According to Ken Winton’s Linkedin page, he described himself as a “transparent conversationalist” and a “family wealth legacy speaker and senior wealth advisor.”
Simpson’s married college graduate put on his Linkedin page that he has been a wealth management advisor for Family Wealth Legacy since September 2017, describing himself as “a professional through and through, relatable and always influential. He has been a financial and commercial entrepreneur who has established successful businesses for over 30 years. ”
Winton also appeared to be an evangelist of some sort, putting the phrase “Loving God” in parentheses below the name of his Facebook page and writing about religious posts on a regular basis. In one of those posts, he wrote: “God has been in the process of reconciling himself to mankind since Adam fell. Jesus was never God’s Plan B! ”
According to the FBI, the 67-year-old Oroville resident was put in charge of Zolla, a company used to solicit funds from investors to pay investors who were part of a different company in a Ponzi scheme. Winton was charged with conspiracy to commit wire fraud and is accused by the FBI of making “various false and misleading statements to investors, including about the success of Zolla’s investment strategies, the reasons for delays in paying investors, and current location “. value and nature of Zolla’s investments. ”
The FBI accused him of obtaining “approximately $ 1 million, part of which he used to purchase a houseboat.
Piercey Attempted to Elude FBI Agents by Diving Into a California Reservoir
FBI agents reported that Piercey had been aware of an FBI investigation into his activities and, prior to his arrest, attempted to access more money from investors and present himself as a victim of government persecution.
At one point, the FBI reported that it appealed to investors alleging that it had asked President Trump for help. “The unfortunate reality of the recent global financial shock has poured rocket fuel on the urgency of this critical situation. The only way out is for Banks to open Zolla accounts and stop the bleeding. I already sent this letter to President Trump, ”he wrote. In another email, he tried again, this time telling investors that the government was after him because of his stance on banking problems.
In August, the FBI reported that it tried to get even more money from investors. According to a government detention memorandum, he sent an email requesting a transfer to one of the only Family Wealth Legacy banks that he still had access to, and wrote: “I have some emergency expenses and could be in a very dangerous position to me and my family if I can’t quickly meet these obligations in the next week or two. ”
f Convicted, Piercey Could Face Millions in Fines and Life in Prison
After a grand jury hearing, Piercey, according to the FBI, faces 26 charges related to the Ponzi scheme dating from April 2016 to April 2020. He also faces additional charges of witness tampering, while attempting to “dissuade Individuals 2 and 3 of responding to a grand jury subpoena ”and trying to convince at least one investor not to testify.
A detention memorandum notes that he faces 31 felony charges in total and that “low-level” sentencing guidelines would put him in prison for life. If convicted of the charges in the indictment, Piercey could also face fines of more than $ 1.2 million in fines, as well as millions more in restitution.
Law firms such as Halling & Cayo, as well as the Kons Law Firm, are advertising services for those who invested in one of Piercey’s companies and have not been able to recoup their funds.