An Arizona man has been sentenced to more than seven years in federal prison for running an investment fraud scheme that defrauded 54 victims out of millions of dollars. Anthonie Ruinard, Jr., 40, from Chandler, was sentenced on November 17, 2025, by United States District Judge Susan M. Brnovich to 87 months in custody and three years of supervised release. Ruinard pleaded guilty to wire fraud and was ordered to pay $4,508,057 in restitution.
According to the U.S. Attorney’s Office for the District of Arizona, Ruinard operated under a business called Legacy Investors Group Inc., where he presented himself as a successful investor and promised guaranteed returns through investments in venture capital, private equity, and real estate. Authorities stated that some early investors received initial payments intended to keep the scheme going while others lost their entire investments.
Throughout the operation, Ruinard and his associates gave various reasons for missed payments to investors such as “wire problems,” market conditions, and even cited the war in Ukraine. He also sent emails falsely showing that he controlled an account with over $470 million.
Investigators found that Ruinard spent much of the money on personal expenses including luxury vehicles—one purchase being an armored vehicle costing $344,000—casino gambling, credit card bills, rental costs, and general living expenses.
“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.”
FBI Phoenix Special Agent in Charge Heith Janke added: “This sentencing sends a clear and unmistakable message: individuals who engage in financial fraud for personal gain will be held accountable. The FBI, together with our law enforcement 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 case was investigated by the Federal Bureau of Investigation – Phoenix Division and prosecuted by the United States Attorney’s Office for the District of Arizona.
