A social media “finfluencer” who promised followers financial freedom through real estate investing is heading to prison after orchestrating a multimillion-dollar Ponzi scheme.
Tyler Bossetti, a 31-year-old from Columbus, Ohio, was sentenced to six years (1) on April 10 by U.S. District Judge Algenon L. Marbley.
The sentencing took place in Columbus after Bossetti pleaded guilty in June 2025 to wire fraud and aiding in the filing of false tax documents.
According to prosecutors, Bossetti ran his “Boss Lifestyle” investment scheme from roughly 2019 through 2023, raising more than $23 million from investors across the U.S. and internationally. Altogether, victims suffered losses exceeding $11 million.
Bossetti is also ordered to pay more than $12.5 million in restitution (2). Many victims may never fully recover the financial or emotional damages.
According to the court documents, Bossetti claimed investors could earn returns of 30% or more through short-term real estate deals, Realtor.com reported (3).
Investors were given promissory notes that allegedly guaranteed returns and suggested their investments were secured by real estate assets.
But prosecutors say those claims were false.
According to Realtor.com, Bossetti admitted that he was not using investor funds as promised — and that the business could not generate enough profit to meet the obligations he had made.
Instead, he used money from new investors to pay earlier ones, a hallmark of a Ponzi scheme.
Rather than investing funds into legitimate projects, Bossetti diverted money for personal use. He paid for a downtown Columbus condo, frequent travel and a $150,000 Mercedes-Benz SUV with the funds. He also funneled money into unauthorized cryptocurrency investments, many of which resulted in significant losses.
In addition, prosecutors say Bossetti filed false tax forms, reporting interest income for investors who had not actually earned any, further deepening the fraud.
The scheme began to unravel as financial pressures mounted, and investors sought to withdraw funds.
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At the sentencing, victims shared how the scheme devastated their finances and sense of security, according to the Columbus Dispatch (4).
One investor reportedly said his family — including a firefighter and a retired police officer — lost their savings and now lives in constant fear of bankruptcy.
Another victim described how the losses compounded an already difficult time, as his wife was undergoing cancer treatment.
“He didn’t just steal the money — he turned our lives upside down,” the victim reportedly said in court.
The judge overseeing the case noted that Bossetti likely believed he could stay ahead of the scheme indefinitely until he got caught.
Cases like this highlight a growing concern regarding the influence of financial advice on social media. So-called “finfluencers” have built massive audiences by offering tips on investing, real estate and wealth-building. But unlike licensed professionals, many are not regulated or vetted.
According to a 2024 Charles Schwab survey, 38% of Gen Z investors (5) turn to YouTube for financial advice, while 33% rely on TikTok. That creates a risky environment where legitimate insights and dangerous misinformation coexist.
Financial advisers warn that acting on unverified advice can have serious consequences.
“Never make big decisions like that on an impulse,” one adviser told Realtor.com. “I tell my clients to never buy or invest in anything without at least throwing the idea off of me and letting us see what the data shows.”
Ponzi schemes often appear sophisticated, but they tend to share common warning signs. Knowing what to look for can help protect your money.
Be skeptical of high, guaranteed returns. Promises of consistently high returns (6) are a major red flag. All investments carry risk, and no legitimate opportunity can guarantee profits.
Watch for pressure to invest quickly.. Scammers often create urgency, pushing investors to act before they’ve had time to research. A legitimate investment will stand up to scrutiny.
Verify the investment and the person. Check whether the individual is licensed and whether the investment is registered with regulators (7). Don’t rely solely on social media profiles or testimonials.
Understand how returns are generated. If the explanation is vague, overly complex or doesn’t make sense, walk away. You should be able to clearly understand how your money will be used.
Consult a professional. Speak with a trusted financial advisor who can review the opportunity objectively.
In an era in which financial advice is easily available, taking the time to verify before you invest could be the difference between building wealth and losing it.
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U.S. Department of Justice (1); Columbus Dispatch (2),(4); Realtor.com (3); Charles Schwab (5); U.S. Securities and Exchange Commission (6); North American Securities Administrators Association (7)
This article originally appeared on Moneywise.com under the title: ‘Finfluencer’ who promised 30% returns sentenced to 6 years after $23M Ponzi scheme devastated investors
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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