Chandler Man Indicted in $5.6 Million Investment Fraud Scheme

Chandler Man Indicted in $5.6 Million Investment Fraud Scheme

Anthonie Ruinard, Jr. Allegedly Defrauded Over 50 Victims Through False Promises of High Returns

PHOENIX, Ariz. – A federal grand jury in Phoenix has indicted Anthonie Ruinard, Jr., 39, of Chandler, on 19 counts, including wire fraud and transactional money laundering. The charges stem from an alleged investment scheme that defrauded at least 54 victims out of more than $5.6 million.

Details of the Scheme

Operating under the business name Legacy Investors Group Inc., Ruinard reportedly portrayed himself as a successful investor with a net worth exceeding $470 million. He promised investors guaranteed monthly returns of 5% to 6% through purported investments in venture capital, private equity, and real estate.

While some early investors received minimal payouts to maintain the facade, others lost their entire investments. Authorities allege that Ruinard used the funds for personal expenses, including luxury purchases like an armored vehicle worth $344,000, casino gambling, and credit card bills.


Potential Penalties

  • Wire Fraud: Maximum sentence of 20 years in prison and a fine of up to $250,000.
  • Transactional Money Laundering: Maximum sentence of 10 years in prison and a fine of up to $250,000.

An indictment is a formal charge and not evidence of guilt. All defendants are presumed innocent unless proven guilty in court.

Investigation and Assistance

The Federal Bureau of Investigation (FBI) – Phoenix Division conducted the investigation, and the case is being prosecuted by the U.S. Attorney’s Office in Arizona.

Individuals who believe they were defrauded by Ruinard and have not yet contacted authorities are urged to email [email protected] or complete a questionnaire at this FBI link.