PHOENIX — A Chandler man was recently sentenced to over seven years in prison for a massive investment scheme that defrauded 54 victims, authorities said.
A U.S. district judge in Arizona sentenced 40-year-old Anthonie Ruinard Jr. to 87 months in custody last Monday, according to the U.S. Attorney’s Office for the District of Arizona.
Ruinard is also the suspect in a 2023 murder that left an 18-year-old victim “dismembered, stabbed and burned beyond recognition” in an area of Tonto National Forest known as “The Pit,” according to the Maricopa County Attorney’s Office.
U.S. Attorney Timothy Courchaine said Ruinard scammed 54 victims out of more than $5.6 million through an investment fraud scheme disguised as a business called Legacy Investors Group Inc.
“Fraudsters actively prey on communities to steal hard earned money by using trust and false promises for their own greed and benefit,” Courchaine said in a Monday announcement.
Ruinard, who pleaded guilty to wire fraud, will also have to pay over $4.5 million in restitution to his dozens of victims.
“This sentence demonstrates that not only will scammers be held accountable financially, they will also face significant time in jail,” Courchaine said. “The United States Attorney’s Office will continue to prosecute these crimes in order to protect the honest work of those who build their lives here in Arizona.”
How did Chandler man’s investment fraud scheme with 54 victims work?
Prosecutors said Ruinard posed as a successful investor, promising guaranteed returns through investments in venture capital, private equity and real estate.
In order to trick his victims into thinking their investments were legitimate, Ruinard gave some of his earliest victims some initial payments — but others lost their entire investments.
Whenever investors asked about missed payments, Ruinard and his associates gave various excuses, such as market volatility, “wire problems” and even the war in Ukraine, prosecutors said.
Another trick he used to mislead investors was by emailing them a screenshot falsely showing that he controlled an account with a balance of more than $470 million.
Prosecutors said Ruinard mostly spent his victims’ money for his own indulgences, from a $344,000 armored luxury vehicle to casino gambling, credit card payments, rental expenses and more.
