An Arizona man has been sentenced to over seven years in prison for orchestrating an investment fraud scheme that defrauded 54 victims of millions of dollars. Anthonie Ruinard, Jr., 40, from Chandler, received an 87-month prison sentence followed by three years of supervised release on November 17, 2025. He previously 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 the name Legacy Investors Group Inc., falsely presenting himself as a successful investor and offering guaranteed returns through investments in venture capital, private equity, and real estate. Early investors received some payments designed to maintain the illusion of legitimacy, but others lost their entire investment. Authorities said Ruinard made excuses for delayed payments such as “wire problems,” challenging market conditions, and even cited the war in Ukraine. In one instance, he emailed victims a screenshot falsely showing he controlled an account with more than $470 million.
Ruinard spent much of the money on personal expenses including luxury vehicles—such as purchasing an armored vehicle for $344,000—casino gambling, credit card payments, general living costs, and rent.
“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.”
“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 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 Federal Bureau of Investigation – Phoenix Division led the investigation into this case while prosecution was handled by the United States Attorney’s Office for the District of Arizona.
