A Chandler man, Anthonie Ruinard Jr., has been sentenced to 87 months in custody followed by three years of supervised release after pleading guilty to Wire Fraud.
Ruinard was also ordered to pay $4,508,057 in restitution to the victims in this case.
According to the Department of Justice, the 40-year-old Ruinard scammed 54 victims out of more than $5.6 million through an investment fraud scheme under the guise of a business called Legacy Investors Group Inc.
Ruinard falsely portrayed himself as a successful investor and promised victim-investors guaranteed rates of return 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. Throughout the scheme, Ruinard and his associates made excuses as to why the victim-investors were not receiving their payments, including “wire problems,” an unprecedented market, and the war in Ukraine. He also sent an email to victim-investors with a screen shot falsely representing that he controlled an account with a balance of over $470 million.
Ruinard largely spent the victims’ money 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.
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