In an Orlando federal court, justice has been dealt to the orchestrator of a $57 million investment fraud scheme. Avinash Singh, 42, from St. Cloud, has been sentenced to 24 years in federal prison after a guilty plea earlier this May, as reported by the U.S. Attorney's Office.
The details of the scheme reveal a tangled web of deception, where Singh, operating under his company Highrise Advantage, LLC, defrauded over 1,100 investors under the guise of foreign currency (forex) trading. According to a statement by the U.S. Attorney's Office, the false promises included a “guarantee” against trading losses and a false portrayal of Singh's trading expertise.
Instead of investing the funds in forex as promised, Singh orchestrated a classic Ponzi scheme, redirecting investors' money to fulfill other investors' withdrawal requests and support his own lavishly fraudulent lifestyle. His personal expenses included real estate, extravagant retail shopping, and even funding studio sessions for his band.
"This case epitomizes selfish greed at an astonishing level," said Ron Loecker, Special Agent in Charge of IRS Criminal Investigation’s Tampa Field Office. In a recount of Singh's extravagant spending, Loecker continued, “Mr. Singh tried to use the proceeds of his Ponzi scheme to live like a pop star while popping the dreams of his victim investors.” The comprehensive investigation leading to Singh’s downfall was a collaborative effort involving multiple agencies, which included the Federal Deposit Insurance Corporation - Office of Inspector General, the State of Florida Office of Financial Regulation, and the U.S. Marshals Service, as detailed by the U.S. Attorney's Office.
Along with the prison term, Singh is ordered to forfeit the proceeds from his fraudulent activities. This forfeiture extends to real estate purchased with the ill-gotten gains. Assistant U.S. Attorneys Amanda S. Daniels and Nicole M. Andrejko, led the prosecution and asset recovery efforts, ushering in a semblance of justice for the numerous victims ensnared in Singh's scheme.
