U.S. Man Sentenced to Over Seven Years Behind the Bar for $5.6 Million Investment Fraud

Anthonie Ruinard, Jr., a 40-year-old Arizona resident, was sentenced to 87 months in prison for investment fraud. Fifty-four victims lost at least $5.6 million.

According to the U.S. Attorney's Office, the District of Arizona, Ruinard previously pleaded guilty to wire fraud. The court ordered him to pay $4,508,057 in restitution to the victims.

Ruinard posed as a successful investor under the guise of Legacy Investors Group Inc., promising victims returns through venture capital, private equity, and real estate investments. While some early investors initially received small payouts that sustained the scheme, most victims lost their entire investments, noted by the U.S. DOJ.

During the scheme's operation, Ruinard and his accomplices used various excuses to refuse payments, including "wire prob," "unprecedented market," and war.

Ruinard also sent victims a screenshot falsely claiming over $470 million in his controlled account. In fact, he lavishly spent victims' money on gambling, rentals, luxury car purchases, credit card payments, and daily expenses.

BrokersView reminds you

All investors are advised to verify the licenses of trading platforms and financial firms to ensure that they are authorized by local financial regulators before making any investment decisions. Unauthorized financial activities often carry a high risk of investment scams.

If you would like to find out the regulatory status of a trading platform, you can search for the platform's name in BrokersView.