What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: September 20, 2020

Barrington, Illinois based Stoltmann Law Offices has been retained by victims of Matthew Piercey’s alleged Ponzi scheme involving Wealth Legacy, UpVesting Fund, Zolla Investment Fund, amongst other alleged investments, to pursue claims against potentially liable third parties. Matthew Piercey was arrested at Lake Shasta, California after attempting to evade the FBI using an underwater scooter. Piercey was arrested and indicted on 31 counts of wire fraud, money laundering, mail fraud, and witness tampering. Piercey is alleged to have orchestrated a $30 million Ponzi scheme, converting investor funds that were supposed to be invested in supposedly legitimate investment vehicles, like the Zolla Investment Fund.  Piercey’s alleged co-conspirator, Ken Winton, was arrested separately, although under less dramatic circumstances.

Victims of Matthew Piercey’s Ponzi scheme may have claims against third-parties to recover their losses. Pursuing Matthew Piercey directly in a lawsuit to recover is probably a fool’s errand. Once the criminal justice system is through with him, there won’t be anything left. Sure, assuming he is found guilty of these heinous crimes, he will be ordered to make restitution to victims, but the money is gone and his earning capacity will be destroyed.  So victims need to look to third parties for recovery.

If you were referred to Matthew Piercey or Ken Winton by a lawyer, a financial advisor, a wealth manager, or a CPA or accountant, those individuals could be liable to you for the losses you have sustained as a result of Piercey’s alleged schemes. 

Lawyers, CPAs, and investment advisors owe their clients fiduciary duties. Those duties include the duty of good faith, fair dealing, full disclosure, the duty to investigate, and the duty to warn. Right off the top, Matthew Piercey was not a licensed financial adviser or a licensed investment advisor at any relevant time. This fact alone was disqualifying: One of the most prominent red flags that you are not dealing with a legitimate financial advisor is the fact that he lacks the required licenses to provide investment advice and solicit the sale of securities.  Legitimate advisors all have at a minimum, the Series 6, 63 and Series 66 state-issued advisory licenses. Most advisors also have the Series 7 license and are registered with FINRA – the Financial Industry Regulatory Authority.  Piercey had none of these since 2011.  If a professional referred you to Piercey, doing so was a breach of duty, period. 

It is important that victims understand the reality of the situation. Matthew Piercey will not be able to pay back much, if any, of these losses.  If he had $30 million, he wouldn’t have been arrested because his scams would not have unravelled. The unfortunate reality is, Ponzi schemer’s scams do not unravel until the money runs out.

If you invested money with Matthew Piercey, Family Wealth Legacy, Zollo Financial, Upvesting Fund, or any other investments solicited by Piercey or Ken Winton, you should contact Stoltmann Law Offices at 312-332-4200 for a free, no obligation consultation with a securities attorney.

Stoltmann Law Offices offers representation to investors nationwide on a contingency fee basis. We have offices in Chicago, and suburban Barrington and Downers Grove, Illinois, and are a boutique law firm that focuses on representing defrauded investors. 


The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.


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