An Arizona man has been sentenced to more than seven years in prison for orchestrating an investment fraud scheme that defrauded 54 victims. Anthonie Ruinard, Jr., 40, of Chandler, received an 87-month sentence and three years of supervised release from United States District Judge Susan M. Brnovich on November 17, 2025. Ruinard had previously pleaded guilty to wire fraud and was ordered to pay $4,508,057 in restitution.
According to authorities, Ruinard operated under the business name Legacy Investors Group Inc., where he presented himself as a successful investor. He promised guaranteed returns through investments in venture capital, private equity, and real estate. Some early investors received initial payments, but others lost their entire investments. Ruinard and his associates gave various excuses for delayed payments, such as “wire problems,” market conditions, and the war in Ukraine. He also sent emails with false information about controlling an account with over $470 million.
Investigators found that Ruinard used much of the victims’ money for personal expenses, including luxury vehicles—such as an armored vehicle costing $344,000—living expenses, casino gambling, credit card payments, and rental costs.
“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 stated: “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 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 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.
