An Ohio finance influencer is facing federal charges for allegedly running a “fraudulent real estate investment scheme,” bilking investors out of over $11 million, according to a court document filed in U.S. District Court last week.
Tyler Bossetti, 31, was charged in U.S. District Court in Columbus with wire fraud and aiding the filing of a false or fraudulent document. In a court document, federal prosecutors allege that Bossetti knowingly participated in the four-year scheme in Ohio and elsewhere “to defraud and to deprive another of money and property by materially false and fraudulent pretenses, representations, and promises.
Court records show that Bossetti entered a plea on April 22, though the details have been sealed. His attorney declined to comment, and Bossetti is scheduled to be arraigned on July 13.
According to a court document, Bossetti allegedly sought short-term real estate investments from 2019 to 2023 that he intended to buy, renovate, sell, or rent, using social media and “third-party companies” to find investors.
Bossetti would then promise investors high returns, usually 30% or more, and falsely claim that the investments were risk-free and secured by real estate he owned, prosecutors allege.
“When making solicitations and executing promissory notes, Bossetti knew that he would not use the investment funds for the purported business and that profits from the purported business could not cover the obligations he was taking on in the promissory notes,” prosecutors said in the court document.
The finance influencer allegedly spent money he received from investors on cryptocurrency investments and personal expenses, including, “luxury housing and vehicles,” the court document states. He also paid investors with investment funds he received from newer investors instead of business income.
