An Ohio man is staring down the barrel of federal charges this week after prosecutors say that a huge $11m real estate fraud scheme completely unraveled. Tyler Bossetti, 31, was charged in U.S. District Court in Columbus with numerous charges related to the case.
The Lowdown
According to a federal case out of Columbus, a man has been arrested after an $11m real estate fraud scheme reportedly unraveled. Prosecutors charge that Tyler Bossetti, 31, knowingly hyped up his real estate business to swindle investors out of nearly $11 million after promising them high returns that never came to fruition. He was charged with wire fraud and aiding in the filing of a false or fraudulent document. Prosecutors allege that he participated in the lengthy four-year scheme with the intent of enriching himself. Funds from investors were reportedly used on personal expenses and luxuries.
The fraud scheme involved his plans to renovate, sell, or rent, using social media and “third-party companies” to find investors for his so called real estate portfolio. The initial scheme began between 2019 and 2023 which was followed by trumped up claims of big returns to the tune of 30%.
He is scheduled to be arraigned on 13 July.