USD 57 Million Ponzi Scheme Update


$57 Million USD Ponzi Scheme Update: United States v. Defendant(s) AVINASH SINGH
AVINASH SINGH facing action from U.S. Department of Justice (USDOJ) and Commodity Futures Trading Commission (CFTC) after admitting guilty to crime. Investigation revealed SINGH as the sole leader in scamming approximately 1,100 victims.
We hope justice and restitution will be served for all the victim.
The following information was provided by the United States Department of Justice Victim Notification System (VNS). Charges have been filed against defendant(s) AVINASH SINGH.
AVINASH SINGH operated a company by the name of Highrise Advantage, LLC (“Highrise”). From February 2013 to September 2020, SINGH received over $57 million from over 1,100 victims that were to be invested in retail foreign currency contracts (“forex”) through Highrise. To induce his victims to invest, SINGH falsely claimed that he had a proven track record of success as a forex trader, that he was going to use the funds for investments in forex, and that he would “guarantee” that his victims would not lose any funds for any trading losses. Rather than invest his victims’ funds in forex trading as he had promised, SINGH operated Highrise as a Ponzi scheme by which SINGH used funds from one investor to pay amounts owed to another investor. SINGH did not invest the funds that he promised to invest, but misappropriated at least $45 million in the form of Ponzi payments to other investors and millions in personal expenses. To cover up his scheme, SINGH issued monthly statements that falsely represented that SINGH had invested the funds in forex as he had promised to do and that he was making large profits. In fact, SINGH’s investments, when he made them, often lost significant sums of funds, which SINGH attempted to cover up by creating false monthly statements.
Defendant(s), AVINASH SINGH has been scheduled for his or her first appearance in Court on February 2, 2021, 02:00 PM at Orlando Courtroom before Judge Leslie Hoffman.
Now that charges have been filed in federal court, victims of the charges filed are, in addition, entitled to the following rights, according to the Crime Victims’ Rights Act, Title 18 United States Code section 3771:
(1) The right to be reasonably protected from the accused.
(2) The right to reasonable, accurate, and timely notice of any public court proceeding, or any parole proceeding, involving the crime or of any release or escape of the accused.
(3) The right not to be excluded from any such public court proceeding, unless the court, after receiving clear and convincing evidence, determines that testimony by the victim would be materially altered if the victim heard other testimony at that proceeding.
(4) The right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.
(5) The reasonable right to confer with the attorney for the Government in the case.
(6) The right to full and timely restitution as provided in law.
(7) The right to proceedings free from unreasonable delay.
(8) The right to be treated with fairness and with respect for the victim’s dignity and privacy.
(9) The right to be informed in a timely manner of any plea bargain or deferred prosecution agreement.
(10) The right to be informed of the rights under this section and the services described in section 503(c) of the Victims’ Rights and Restitution Act of 1990 (34 U.S.C. 20141(c)) and provided contact information for the Office of the Victims’ Rights Ombudsman of the Department of Justice.

  1. Subscribe

Please consider Donating to keep our culture alive






Leave a Reply