A Palo Cedro man has been sentenced to 30 years in prison for wire fraud, money laundering, and witness tampering in connection with a $35 Million investment fraud scheme. 49-year old Mathew Piercy pleaded guilty without a written plea agreement to 27 counts charged in the indictment. The plea came four days before trial. Between July 2015 and August 2020, Piercey apparently solicited investor funds by presenting himself as an investment adviser through his purported investment companies, Family Wealth Legacy and Zolla. The U.S. Attorney’s Office said Piercey’s operation was a Ponzi-like fraud scheme in which he used some investor money to make payments to other investors. As the scheme progressed, Piercey used a Redding-area chiropractor to conceal the continued operation of the investment fraud and bring in new money. When agents attempted to arrest Piercey in 2020, authorities said he led law enforcement on a chase before entering Lake Shasta with an underwater submersible device. He was arrested after emerging about 20 minutes later. Investigators later found a Redding storage locker rented under a false name containing a wig and about 31,000 Swiss Francs. Prosecutors said Piercey used coded language from jail to direct others to handle the locker’s contents. 73-year old Kenneth Winton, of Chico, pleaded guilty in 2020 for conspiring with Piercey and is scheduled for sentencing August 27th.