Real estate 'finfluencer' gets jail time for $23M Ponzi scheme

A 31-year-old Ohio man who promoted his “Boss Lifestyle” investment plan through social media has been sentenced to six years in federal prison for orchestrating a Ponzi scheme and committing “tax fraud to further that scheme,” according to a statement from the U.S. Attorney’s Office for the Southern District of Ohio.

From 2019 to 2023, Tyler Bossetti, a so-called “finfluencer” or “financial influencer,” publicized a real estate investment program that “guaranteed large rates of return for short-term investments.” Offering a 30 percent-plus rate of return, Bossetti advertised the investment opportunities through Facebook and YouTube, among other platforms.

In addition to wire fraud charges, Bossetti pleaded guilty last year to “aiding in a false tax filing” for submitting “approximately 14 false and fraudulent 1099-INT tax forms.” These were filed to erroneously report interest income on behalf of investors who had not earned interest.

Bossetti admitted that he had misappropriated investor funds to make purchases, including “rental payments on a condo in downtown Columbus, frequent travel, a $150,000 Mercedes SUV and various cryptocurrency investments.”

“As we close out tax season for the year, I want to remind the public that this office will aggressively pursue those who cheat the tax system or otherwise steal from the U.S. Treasury,” said U.S. Attorney Dominick S. Gerace II. “We will not tolerate fraud — whether committed against the government or private citizens.”

On his LinkedIn profile, Bossetti calls himself “a serial entrepreneur and investor,” as well as a podcast host whose show “is designed to help people end their victim mentality, eliminate financial restrictions & build generational wealth.”

According to the Columbus Dispatch, multiple victims provided impact statements prior to sentencing. Ryan Clark spoke on behalf of himself, his father, who lost his pension to Bossetti’s scheme, and his brother. Clark’s father is a retired police officer, his brother is a firefighter, and Clark is a military veteran who served in Afghanistan.

Clark called Bossetti’s actions “a deliberate decision to take a lifetime of security away from people who provided security to so many others.”

Another victim, Michael Ringhoffer, invested with Bossetti while his wife was undergoing treatment for cancer. He said that while knowing of his wife’s condition, Bossetti kept “pushing for more and more investment.” Ringhoffer called Bossetti’s actions not “just immoral, it’s criminal.”

“He didn’t just steal the money; he turned our lives upside down,” Ringhoffer said.

Email Christy Murdock