An Ohio-based finance influencer is facing serious federal charges following allegations of orchestrating a fraudulent real estate investment scheme that deceived investors out of more than $11 million. The charges, filed in U.S. District Court in Columbus, accuse Tyler Bossetti, 31, of wire fraud and aiding the filing of a false or fraudulent document. According to federal prosecutors, Bossetti knowingly engaged in a four-year scheme to defraud investors through misleading claims and promises.
The court documents reveal that Bossetti allegedly solicited short-term real estate investments between 2019 and 2023, using platforms like social media and third-party companies to attract potential investors. Promising high returns, often quoted at 30% or more, Bossetti assured investors that their investments were risk-free and backed by real estate he owned. However, prosecutors assert that Bossetti never intended to use the funds for the promised business activities and that the purported business profits were insufficient to fulfill the obligations outlined in the promissory notes.
Instead, Bossetti is accused of diverting the investment funds for personal expenses, including luxurious housing, vehicles, and cryptocurrency investments. Additionally, he allegedly used funds from new investors to pay returns to earlier investors, a classic characteristic of a Ponzi scheme.
Court records indicate that Bossetti received over $20 million from investors, but the scheme resulted in over $11 million in losses. Furthermore, he is accused of assisting in the filing of a false 1099-INT form with the Internal Revenue Service, falsely claiming that an individual earned $4,500 in interest income, which prosecutors argue was an attempt to conceal the fraudulent activities.
Bossetti, who presents himself as a financial consultant online, hosts a podcast named ‘All For Nothing,’ which has garnered 124,000 followers on Instagram. Through his podcast and social media presence, Bossetti and his guests have provided financial advice while discussing broader topics such as football and reality TV. On his personal Instagram page, which boasts a following of one million, Bossetti’s account has now been set to private.
The details of Bossetti’s plea, entered on April 22, remain sealed, and his attorney has declined to comment on the case. Bossetti is scheduled to be arraigned on July 13 in U.S. District Court.
The allegations against Bossetti highlight the potential risks involved with social media-driven investment opportunities, where influencers often promise significant returns with little transparency or accountability. Investors are advised to exercise caution and conduct thorough due diligence before parting with their funds in such ventures.
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Note: This article is inspired by content from https://www.nbcnews.com/news/us-news/finance-influencer-charged-running-11-million-real-estate-fraud-scheme-rcna204399. It has been rephrased for originality. Images are credited to the original source.