A social media personality specializing in real estate, known in the digital world as a “finfluencer,” has faced the legal consequences of his ambitious promises to followers. Tyler Bossetti, a 31-year-old from Columbus, Ohio, had assured his audience of significant returns and financial independence through his “Boss Lifestyle” investment program. However, the reality was far from what he portrayed.

On Friday, Bossetti was sentenced to six years in federal prison, having pleaded guilty to charges of tax and wire fraud. The charges stem from his involvement in a sophisticated Ponzi scheme that defrauded investors of millions. Over $23 million was raised from unsuspecting investors both in the United States and abroad. Unfortunately, many of these individuals experienced significant financial losses, with the total exceeding $11 million.

In addition to his prison sentence, Bossetti has been ordered to make restitution payments exceeding $12.5 million to the victims of his fraudulent activities. For some, this restitution is crucial as they lost their entire life savings to the scheme.

Dominick Gerace, the U.S. Attorney for the Southern District of Ohio, emphasized the broader implications of the case. As the nation approaches the end of tax season, Gerace used this prosecution as a stern warning against financial misconduct. “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,” he stated. “We will not tolerate fraud—whether committed against the government or private citizens.”

US Attorney for the Southern District of Ohio Dominick Gerace called the case a reminder of the consequences for tax fraud and other financial crimes as Tax Day approaches on Wednesday.

“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 US Treasury,” Gerace said in a statement. “We will not tolerate fraud—whether committed against the government or private citizens.

How the Ponzi scheme worked

According to court documents obtained by Realtor.com®, Bossetti widely publicized what he described as a real estate investment program called Boss Lifestyle LLC from 2019 to 2023.

The court documents allege that Bossetti did so in a scheme “to defraud and to deprive another of money and property by materially false and fraudulent pretenses, representations, and promises.”

They also state that Bossetti “solicited short-term real estate investments, promising extraordinarily high returns—frequently 30% or more—which were to arise from purchasing, rehabbing, refinancing, and ultimately renting or selling residential properties.”

He promoted these opportunities through social media platforms, particularly Facebook and YouTube.

Bossetti hosted a popular podcast called “All for Nothing,” which has 94,000 followers on Instagram. He also has 862,000 followers on his personal Instagram page, which is now set to private.

On his YouTube channel, Bossetti’s bio states he’s a “real estate developer” who helps people “build a victim-proof mindset and generational wealth.”

Bossetti gave investors promissory notes that falsely claimed investments were risk-free and secured by real estate owned by Bossetti.

“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,” the Justice Department said in charging documents.

Bossetti paid old investors not with business income, but with investment funds from new investors.

Bossetti admitted he diverted investor funds for personal use, supporting his lifestyle and financing expenses such as rent for a downtown Columbus condo, frequent travel, and a $150,000 Mercedes-Benz SUV.

He also poured investor funds into unauthorized cryptocurrency investments, “many of which resulted in large losses,” court documents note.

Bossetti also orchestrated the issuance and filing of roughly 14 false and fraudulent 1099-INT tax forms. He submitted these to the IRS to report interest income for investors who had not actually earned any.

Bossetti was charged by a bill of information in April 2025 and pleaded guilty in June 2025 to wire fraud and aiding in a false tax filing.

Bossetti’s attorney, Michael Hunter, told Barron’s: “Tyler has fully accepted responsibility for his role in the money that investors lost, he is deeply remorseful for the stress and pain that was caused to the investors, and he is committed to working diligently to make sure that restitution is made to the identified victims in this case.”

Hunter did not immediately respond to a request for comment from Realtor.com on Tuesday.

Victims spoke out in court

At the sentencing hearing, numerous victims of Bossetti’s investment scam spoke about the harmful impact his actions had on their lives.

According to the Columbus Dispatch, victim Ryan Clark delivered a statement on behalf of himself, his firefighter brother, and his father, a retired police officer who lost his pension.

“There’s not a day that goes by that we don’t think about bankruptcy,” he said. “We live in constant fear that the next bill won’t be able to be paid. It was a deliberate decision to take a lifetime of security away from people who provided security to so many others.”

Another victim, Michael Ringhoffer, said that Bossetti knew that his wife was undergoing cancer treatment but showed zero compassion.

“He didn’t just steal the money—he turned our lives upside down,” he explained.

At sentencing, US District Court Judge Algenon Marbley told Bossetti: “I have no doubt you knew what you were doing and anticipated the result you received. What you didn’t anticipate is that you would get caught. Like all Ponzi schemers, you thought you’d be one step ahead of the person looking to cash out.”

Bossetti told Marbley that he had remorse for what he had done.

“I was drawn in faster and deeper than my judgment should have allowed,” Bossetti said.

Rise of ‘finfluencers’ raises new risks for scams

So-called finfluencers such as Bossetti are widespread across social media platforms.

Schwab’s 2024 Modern Wealth Survey found that 38% of Gen Zers receive financial information or advice from YouTube, while 33% turn to TikTok.

But since social media platforms don’t vet these finfluencers, anyone can claim to be an expert on anything, and dangerous scams can appear right alongside legitimate financial advice.

“A huge fear financial advisers have about finfluencers is that someone can make a decision that can cost them a huge percentage, if not all, of their retirement, savings, or home. They are making decisions that can ruin their lives and the lives of the ones they love,” Marcus Sturdivant Sr., a financial adviser at Tristate Financial Advisors in Charlotte, NC, tells Realtor.com.

Sturdivant says it’s important to do your homework and consult with a certified financial planner before making any type of investment.

“Never make big decisions like that on an impulse or without fully understanding what is at stake and who you are getting this advice from,” he advises. “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.