Arizona Man Sentenced to More than Seven Years for Defrauding 54 Victims in Investment Fraud Scheme

PHOENIX, Ariz. – Anthonie Ruinard, Jr., 40, of Chandler, was sentenced on November 17, 2025, by United States District Judge Susan M. Brnovich to 87 months in custody followed by three years of supervised release. Ruinard previously pleaded guilty to Wire Fraud. Ruinard was also ordered to pay $4,508,057 in restitution to the victims in this case.

“Fraudsters actively prey on communities to steal hard earned money by using trust and false promises for their own greed and benefit” said U.S. Attorney Timothy Courchaine.  “This sentence demonstrates that not only will scammers be held accountable financially, they will also face significant time in jail.  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.”

Anthonie Ruinard scammed 54 victims out of more than $5.6 million through an investment fraud scheme under the guise of a business called Legacy Investors Group Inc. Ruinard falsely portrayed himself as a successful investor and promised victim-investors guaranteed rates of return through investments in venture capital, private equity, and real estate. While some of the early victim-investors received some initial payments to perpetuate the fraud, others lost their entire investment. Throughout the scheme, Ruinard and his associates made excuses as to why the victim-investors were not receiving their payments, including “wire problems,” an unprecedented market, and the war in Ukraine. He also sent an email to victim-investors with a screen shot falsely representing that he controlled an account with a balance of over $470 million.

Ruinard largely spent the victims’ money himself, including on luxury vehicles (for example, the purchase of an armored vehicle for $344,000), general living expenses, casino gambling, credit card payments, and rental expenses.

“This sentencing sends a clear and unmistakable message: individuals who engage in financial fraud for personal gain will be held accountable,” said FBI Phoenix Special Agent in Charge, Heith Janke. “The FBI, together with our law enforcements partners, will continue to identify, investigate and pursue those who orchestrate criminal schemes for their own profit. We remain committed to protecting the public and safeguarding the integrity of our financial system.”

The Federal Bureau of Investigation – Phoenix Division conducted the investigation in this case. The United States Attorney’s Office, District of Arizona, Phoenix, handled the prosecution.

CASE NUMBER:            CR-24-01904-PHX-SMB
RELEASE NUMBER:    2025-167_Ruinard

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