A federal grand jury in Phoenix has returned a 19-count indictment against 39-year-old Anthonie Ruinard for Wire Fraud and Transactional Money Laundering.
The indictment alleges that Ruinard, of Chandler, scammed at least 54 victims out of more than $5.6 million through an investment fraud scheme operated under the guise of a business called Legacy Investors Group Inc.
Ruinard is accused of falsely portrayed himself as a successful investor worth over $470 million. He promised victim-investors guaranteed rates of return—generally 5% to 6% per month—through investments in venture capital, private equity, and real estate. While some of the early victim-investors received some initial payments to perpetuate the fraud, others lost their entire investment. Ruinard largely used the victims’ money for himself, including on luxury vehicles (for example, the purchase of an armored vehicle for $344,000), general living expenses, casino gambling, credit card payments, and rental expenses.
According to the Department of Justice, a conviction for wire fraud carries a maximum penalty of 20 years in prison and a fine of up to $250,000, or both. A conviction for transactional money laundering carries a maximum penalty of 10 years in prison and a fine of up to $250,000, or both.