PHOENIX — A Chandler man was recently sentenced to over 7 years in prison for a massive investment scheme that defrauded 54 victims, authorities said.

A U.S. district judge in Arizona sentenced 40-year-old Anthonie Ruinard, Jr. to 87 months in custody last Monday, according to the U.S. Attorney’s Office for the District of Arizona.

U.S. Attorney Timothy Courchaine said Ruinard scammed 54 victims out of more than $5.6 million through an investment fraud scheme disguised as a business called Legacy Investors Group Inc.

“Fraudsters actively prey on communities to steal hard earned money by using trust and false promises for their own greed and benefit,” Courchaine said in a Monday announcement.

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