A finance influencer in Ohio is facing federal charges after allegedly operating a “fraudulent investment scheme” that bilked investors out of more than $11 million. The court documents filed last week at the U.S. District Court allege.
Tyler Bossetti was charged with wire fraud in the U.S. District Court of Columbus. He also admitted to aiding in the filing of false or fraudulent documents. Federal prosecutors claim that Bossetti participated knowingly in the four-year fraud scheme in Ohio and other states “to defraud, deprive, and deceive another of money and properties by false and fraudulent representations and promises”.
The court records indicate that Bossetti entered his plea on April 22. However, the details are sealed. Bossetti’s attorney refused to comment. Bossetti will be arraigned in court on July 13th.
Bossetti, according to a court filing, allegedly used social media to locate investors for short-term investments in real estate from 2019 to 2023. He intended to purchase, renovate, or sell the properties, as well as rent them.
Prosecutors allege that Bossetti promised investors high returns, often 30% or higher, and claimed falsely that the investments were secured by his real estate agency.
In a court document, prosecutors stated that Bossetti was aware that when he made solicitations and executed a promissory note, he knew he wouldn’t use the investment money for the purported businesses and that the profits from those purported businesses could not cover his obligations in the promissory note.
Documents in court claim that the finance influencer spent money received from investors to invest in cryptocurrency and for personal expenses. This included “luxury homes and vehicles” and “luxury cars and housing”. He paid investors using investment funds that he received instead of his business income.
According to the court document, Bossetti received more than $20 million in investment money, but the investors, who are not named, lost over $11,000,000 due to this scheme.
He is also accused of assisting someone in filing a false Form 1099-INT to the Internal Revenue Service, in which they claimed the person had earned $4,500 interest income, when in fact, this was not the case. The prosecution alleges that this was done to hide the scheme.
Bossetti presents himself online as a financial advisor and hosts the podcast “All For Nothing,” which has 124,000 Instagram followers. Bossetti’s podcast clips posted on social media include financial advice from him and his guests. They also discuss other topics such as football and reality television.
Bossetti’s personal Instagram page is now private and has over 1,000,000 followers.
