A 31-year-old jet-setting “finfluencer” will now spend six years behind bars for running a years-long real estate Ponzi scheme that pulled in more than $23 million – scamming dozens of victims while bankrolling a life of luxury.

The US Department of Justice (DoJ) handed down a six-year federal prison sentence to social media influencer and Columbus, Ohio, resident Tyler Bossetti last Friday.

The financial influencer, or “finfluencer,” admitted to using his widely publicized real estate investment program to run a $20 million real estate Ponzi scheme from 2019 until 2023, and then commit tax fraud to further that scheme, the DoJ said.

“Through his company, Boss Lifestyle LLC, Bossetti guaranteed large rates of return for short-term investments. He advertised the investments, often promising a rate of return of thirty percent or more, through social media, especially Facebook and YouTube,” officials said.

Bossetti touted the returns would be generated from short-term real estate transactions, such as “purchasing, rehabbing, refinancing, and ultimately renting or selling residential properties.”

On Instagram, Biscotti’s personal page (now private) boasts 862,000 followers, while his All for Nothing podcast shows 94,000 followers, reports Realtor.com.

Built online persona to lure investors

The self-proclaimed “serial entrepreneur and investor with a deep passion for personal development, financial education & much more,” was arrested by the feds last April and pleaded guilty in June to wire fraud and aiding in a false tax filing.

Bosetti was the host of the investment-fueled All For Nothing Podcast show, which he claims was one of the top 25 business podcasts in the world.

Its goal? “To help people end their victim mentality, eliminate financial restrictions & build generational wealth,” Bosetti states on his LinkedIn profile page.

But instead of helping his victims achieve financial freedom, the feds say Bossetti used victims' funds to bankroll a luxury lifestyle that included a swanky condo in downtown Columbus, frequent travel, a $150,000 Mercedes SUV, and various crypto investments.

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The so-called real estate investment guru was said to have received more than $23 million in investment funds from victims throughout the US and overseas.

In total, Bossetti swindled more than $11 million from victims while running the scheme, the DoJ said.

Bossetti also furthered the scam by filing approximately 14 false and fraudulent 1099-INT tax forms to report interest income for investors who did not earn interest.

“Bossetti claimed he had reinvested victims’ interest earnings when in fact he had not,” the DoJ said.

Millions lost in misappropriated funds

Court documents say Bossetti would hand out promissory notes to investors that falsely claimed investments were risk-free and secured by real estate he owned.

Prosecutors say Bossetti was fully aware that he was unable to meet the obligations under the promissory notes.

Instead, the 31-year-old would knowingly spend those funds on personal expenses, such as luxury housing and vehicles, as well as crypto investments that also led to large losses.

When it came time to pay investors, Bossettii was said to have used money from new investors, totaling at least $11,263,504.43.

“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 US Attorney Gerace.

“We will not tolerate fraud—whether committed against the government or private citizens.”

Bissetti is not the first social media influencer and fintech darling to be busted for fraud.

In January, 26-year old Gökçe Güven, who graced the Forbes’s 30 Under 30 list in 2024, was charged with cooking the books at her New York-based start-up, Kalder, Inc., a revenue and brand-driven rewards platform.

Güven faces charges of securities fraud, wire fraud, visa fraud, and aggravated identity theft. If convicted, she faces a maximum of 52 years behind bars.

Prosecutors say Güven scammed investors by maintaining two sets of books to inflate revenue and partnerships while raising a $7M seed round.

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