A social media "finfluencer" who promised followers financial freedom through real estate investing is heading to prison after orchestrating a multimillion-dollar Ponzi scheme. Tyler Bossetti, a 31-year-old from Columbus, Ohio, was sentenced to six years (1) on April 10 by U.S. District Judge Algenon L.
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Altogether, victims suffered losses exceeding $11 million. Bossetti is also ordered to pay more than $12.5 million in restitution (2). Many victims may never fully recover the financial or emotional damages.
According to the court documents, Bossetti claimed investors could earn returns of 30% or more through short-term real estate deals, Realtor.com reported (3). Investors were given promissory notes that allegedly guaranteed returns and suggested their investments were secured by real estate assets. But prosecutors say those claims were false.
According to Realtor.com, Bossetti admitted that he was not using investor funds as promised — and that the business could not generate enough profit to meet the obligations he had made. Instead, he used money from new investors to pay earlier ones, a hallmark of a Ponzi scheme. Rather than investing funds into legitimate projects, Bossetti diverted money for personal use.
He paid for a downtown Columbus condo, frequent travel and a $150,000 Mercedes-Benz SUV with the funds. He also funneled money into unauthorized cryptocurrency investments, many of which resulted in significant losses. In addition, prosecutors say Bossetti filed false tax forms, reporting interest income for investors who had not actually earned any, further deepening the fraud.
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