Crime & Safety
California Man Who Tried To Evade FBI With Underwater Scooter Pleads Guilty To $35 Million Ponzi Scheme
Matthew Piercey, of the Shasta County town of Palo Cedro, was convicted of 27 counts including wire fraud and money laundering.
May 16, 2025
SACRAMENTO — A Northern California man who tried to evade FBI agents with an underwater scooter pleaded guilty to a $35 million Ponzi scheme, prosecutors announced Thursday.
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Matthew Piercey, of the Shasta County town of Palo Cedro, was convicted of 27 counts including wire fraud, money laundering and witness tampering, the U.S. Attorney's Office Eastern District of California said.
Prosecutors said that between 2015 and 2020, Piercey operated an elaborate investment fraud scheme under the guise of his two companies, Family Wealth Legacy and Zolla. He solicited funds from investors using false claims about trading algorithms, liquidity, and the financial stability of his two companies.
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