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Columbus social media influencer pleads guilty to $20 million Ponzi scheme
COLUMBUS, Ohio (WCMH) — A Columbus social media finance influencer pleaded guilty Friday to orchestrating a $20 million Ponzi scheme, according to federal prosecutors.
Prosecutors said Tyler Bossetti, 31, of Columbus, took more than $23 million in investments from the victims, dozens of which lost more than $11 million. Watch previous coverage in the player above.
Bossetti pleaded guilty to wire fraud and aiding in false tax filing. He faces up to 23 years in prison. His sentencing will be set at a later date.
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Between 2019 and 2023, Bossetti solicited short-term real estate investments while promising returns of 30% or more from purchasing, rehabbing, refinancing, and renting or selling residential properties, according to prosecutors.
Bossetti used social media and third-party companies to solicit the investments, prosecutors said. He gave promissory notes that 'falsely claimed investments were risk-free and secured by real estate' that he owned.
Fourteen false and fraudulent 1099-INT tax forms were also filed due to Bossetti, according to prosecutors.
He admitted to 'misappropriating investor funds to further his lifestyle,' prosecutors said, including payments for a downtown Columbus condo, frequent travel, a $150,000 Mercedes and cryptocurrency investments.
Bossetti hosts a podcast and runs Boss Lifestyle LLC, and Bossetti Enterprises, LLC. His Instagram account, which had 1 million followers, appears to have been deleted.
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He bills himself as an entrepreneur and investor on his LinkedIn profile.
He also runs a Substack, in which he posts about financial topics to more than 87,000 subscribers. A post was made as recently as June 8.
An attorney listed for Bossetti in court records previously told NBC4 that they would have no comment on the case.
Bossetti has at least a dozen civil cases against him and his businesses in the Franklin County Court of Common Pleas, online records show. Many of the cases — dealing with alleged mishandling of money and investments — have been closed, but several remained active.
In one case, he was sued for owing more than $30,000 in credit card debt on his American Express Business Gold card. The judge ordered Bossetti to pay $31,834.19 to the bank after he 'failed to properly answer or otherwise defend although duly served with process according to law by Certified Mail on 11/24/23.'
Bossetti is also named as a defendant in another federal lawsuit, which was closed in August, where he was accused of failing to pay back $1.125 million by Nov. 30, 2022, for a $900,000 loan he received from Oak River Equity Ventures, LLC.
He asked for an extension of the payment deadline after stating that he wouldn't have the money on time. The two parties agreed to an extension, with Bossetti owing a new amount of $1.162 million, according to the complaint.
Bossetti failed to pay by the new deadline, but told Oak River that the payment was sent on Jan. 13, 2023, which the company said was false.
A judge found that Bossetti was liable to pay a total of $2.26 million plus post-judgment interest due to a 50% interest rate plus a 5% supplemental default interest, according to court documents.
In a second federal lawsuit, Bossetti was accused of failing to pay back another $550,000 loan. A judge ordered him to pay back the loan plus the 20% interest and 5% added on any delinquent principal, according to court records.
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