A social media influencer who provides financial advice to over a million followers faces federal charges that claim he defrauded investors out of more than $11 million.
Tyler Bossetti was charged in US District Court in Columbus, Ohio, with wire fraud and aiding in the filing of a false or fraudulent document. Bossetti used his social media prominence to highlight his property flipping business and promised investors they could enjoy returns of 30% or higher.
Bossetti received more than $20 million in investments between September 2019 and June 2023 but used most of the money on personal luxury expenses and unsuccessful cryptocurrency investments.
Bossetti, who has 1 million followers on Instagram and thousands more on YouTube and Substack, attempted to camouflage his losses by using the traditional Ponzi Scheme trick of paying back his earlier investors with funds from new investors. However, he also faced about a dozen civil lawsuits from investors who lost their money.
His most recent effort to lure investor money came on April 25, when he used a Substack posting to solicit input from people seeking to improve their credit scores.
A court date for Bossetti has been set for June 13.
There’s so many more of these guys out there right now they need to go down