A Chandler man who swindled dozens of investors through a bogus investment operation has been sentenced to more than seven years in federal prison, the U.S. Attorney’s Office for the District of Arizona announced Monday.
Anthonie Ruinard Jr., 40, received an 87-month sentence from U.S. District Judge Susan M. Brnovich after pleading guilty to wire fraud. In addition to prison time, he was ordered to serve three years of supervised release and pay more than $4.5 million in restitution to victims.
Prosecutors say Ruinard used a business called Legacy Investors Group Inc. as a front to solicit over $5.6 million from 54 victims, promising unusually high — and supposedly guaranteed — returns from investments in venture capital, private equity and real estate. Early investors saw small payouts that helped keep the illusion alive, but many others lost their entire contributions.
Authorities said Ruinard repeatedly dodged questions from victims with fabricated explanations, citing mysterious wire issues, volatile markets and even the war in Ukraine. In one instance, he emailed investors a doctored account screenshot showing a fictitious balance of more than $470 million.
According to federal investigators, much of the money went toward Ruinard’s personal lifestyle, including luxury vehicles — one of them an armored model costing $344,000 — as well as rent, credit card bills, casino gambling and day-to-day expenses.
“Fraudsters prey on trust and false promises,” U.S. Attorney Timothy Courchaine said, adding that the sentence reflects the office’s commitment to holding financial scammers accountable. FBI Phoenix Special Agent in Charge Heith Janke echoed that point, saying the case illustrates ongoing efforts to protect the public and “safeguard the integrity of our financial system.”
More information on how federal agencies investigate investment fraud can be found through the FBI’s financial crimes resource page.
