Chandler man accused of scamming investors out of $5.6 million
Nov 27, 2024, 8:30 PM
A Chandler man is accused of scamming victims out of more than $5.6 million through an investment fraud scheme. (Pixabay photo)
(Pixabay photo)
PHOENIX — A Chandler man has been charged with scamming victims out of more than $5.6 million through an investment fraud scheme, authorities announced Tuesday.
A federal grand jury indicted Anthonie Ruinard Jr., 39, on 19 counts of wire fraud and transactional money laundering last week, according to the U.S. Attorney’s Office for the District of Arizona.
The maximum sentence for a wire fraud conviction is 20 years in prison and a fine of up to $250,000. A transactional money laundering conviction carries a maximum penalty of 10 years in prison and a fine of up to $250,000.
Ruinard has been arrested multiple times over the past two decades for a variety of offenses, according to court records.
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In April of this year, he was indicted for second-degree murder in connection with the death of 18-year-old Parker League, whose body was found at the bottom of a bonfire in Tonto National Forest last year.
Alleged investment fraud scheme had over 50 victims
The latest indictment alleges that Ruinard scammed at least 54 victims through a business called Legacy Investors Group Inc.
He is accused of falsely portraying himself as a successful investor worth more than $470 million. He allegedly promised victims 5%-6% monthly returns through venture capital, private equity and real estate investments.
Some of the investors received initial payments to perpetuate the fraud, while others lost their entire investment, according to prosecutors.
Ruinard allegedly spent the money he scammed on luxury vehicles, casino gambling, credit card payments and rental expenses.
If you believe you were defrauded by Ruinard, you can contact the FBI via email or through an online portal.
