An Arizona man, Anthonie Ruinard, Jr., 39, from Chandler, faces charges for allegedly defrauding a minimum of 54 victims in what authorities describe as an investment fraud scheme. This scheme promised substantial monthly returns through ventures in capital, equity, and real estate.
According to a press release from the U.S. Attorney’s Office, District of Arizona, the 19-count indictment presented by a federal grand jury in Phoenix last week accuses Ruinard of luring investors with guarantees of 5% to 6% monthly returns under the company name Legacy Investors Group Inc., however, the indictment alleges he built his wealth not through savvy investments but by utilizing this pooled money to fund a lavish lifestyle that included luxury cars, casinos, and living expenses, while some received initial payouts, only done to keep the fraudulent scheme ongoing.
Ruinard's pretense was that of a successful investor worth over $470 million, but the indictment outlines a different reality, one where victims' funds were diverted to sustain both his everyday life and his taste for luxury, including the purchase of an armored vehicle costing $344,000, as detailed by the U.S. Attorney's Office, District of Arizona.
Wire fraud convictions could lead to 20 years in prison and fines up to $250,000, and for the transactional money laundering charges, the stakes are a maximum of 10 years and the same financial penalties, Ruinard faces severe consequences if a jury finds the evidence stacks up beyond reasonable doubt. The FBI Phoenix Division leads the investigation and urges any additional victims to contact them via a dedicated email or a victim questionnaire, as per the U.S. Attorney's Office, District of Arizona.
The agency emphasizes that an indictment is not indicative of guilt, and Ruinard remains innocent until proven otherwise. Prosecution for the case is in the hands of the United States Attorney’s Office for the District of Arizona, with more details available from their official press release.
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