US BASED GUYANESE CHARGED IN US $4.75 MILLIONS PONZI SCHEME
Washington, D.C. — The Commodity Futures Trading Commission announced the filing of a civil enforcement action in the United States District Court for the Middle District of Florida against 10 defendants in a multi-level US $4.75 million off-exchange foreign currency (forex) Ponzi scheme.
The complaint charges Florida resident Avinash Singh with fraudulently soliciting and misappropriating funds through a master commodity pool Highrise Advantage, LLC. Florida residents Daniel Cologero and Randy Rosseau as well as New Jersey resident Hemraj Singh were also charged with fraudulently soliciting funds from clients for Highrise through the commodity pools they operated, Green Knight Investments, LLC, Bull Run Advantage, LLC, and King Royalty, LLC.
Avinash and Hemraj Singh are well known in the Chutney industry.
The complaint also charges Florida resident Surujpaul Sahdeo and his company SR&B Enterprises with unlawfully soliciting, accepting, and feeding client funds to Highrise.
On September 16, 2020, U.S. District Court Judge Carlos E. Mondoza signed a statutory restraining order freezing the assets of Singh, Highrise, Green Knight, Bull Run, King Royalty, and SR&B. The order also prohibits the destruction or concealment of the defendants’ books and records.
“As alleged, these bad actors lied to participants about the use of the funds entrusted to them for forex trading,” said Division of Enforcement Director James McDonald. “The enforcement action filed demonstrates the CFTC’s continued commitment to rooting out fraud in our markets.”
The complaint seen by Action News alleges that beginning in or around February 2013 and continuing to the present, the defendants accepted at least $4.75 million from over 150 victims. In soliciting potential victims to participate in Highrise, Avinash Singh falsely claimed to be a successful commodities trader with a track record of positive gains and no losses. Cologero, Hemraj Singh, and Rosseau also allegedly misrepresented the profits Highrise had generated—as well as the potential risk of loss in Highrise—when soliciting funds for their scheme.
The complaint alleges that of the at least $4.75 million accepted, Avinash Singh and Highrise traded only a combined amount of $1,656,000 in forex and misappropriated at least $3 million of victims’ funds to pay personal expenses, to transfer to other defendants, and to make Ponzi-type payments to other victims.
Highrise, Green Knight, Bull Run, and King Royalty each issued monthly account statements to their victims that misrepresented their profits and balances. The complaint further alleges that SR&B received at least $1,350,000 in funds from victims in its own name and then transferred this money to Highrise to fund a forex account.
The complaint further charges all defendants with failing to register with the CFTC as required and with violating other regulatory requirements relating to the operation of commodity pools.
In its continuing litigation, the CFTC seeks full restitution to defrauded victims, disgorgement of ill-gotten gains, civil monetary penalties, a permanent injunction against further violations of the Commodity Exchange Act, as charged, and permanent registration and trading bans.
The CFTC acknowledges and thanks the United Kingdom Financial Conduct Authority and the Australian Securities and Investments Commission for its assistance in this matter.
The Division of Enforcement staff members responsible for this action are Cristina Covarrubias, Joy H. McCormack, Stacie Pan, Susan B. Padove, Elizabeth M. Streit, Scott R. Williamson, and Robert T. Howell.
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CHUTNEY SINGER “GUYANA BABOO” AMONG THOSE SCAMMED IN PONZI SCHEME BY A GROUP OF US BASED GUYANESE
UPDATE: Popular Guyanese Chutney Singer Terry Gajraj affectionately known as the Guyana Baboo invested in the $4.75M Ponzi Scheme out of Florida, U.S.A and spearheaded by Avinash Singh of Highrise Advantage.
According to court documents seen by Action News multiple persons have been identified as investors.
In a recent Facebook post by Singh’s wife Anisa Singh, Terry Gajraj publicly stated he invested his money and was looking forward to use the money for his daughter Wedding:
“It’s a nightmare for me because I was relying on my investment to pay for my daughter’s wedding next month. My world is turned upside down but we are hoping and praying that everything will work out especially seeing that all the investors were friends & family.”
Besides working in the chutney entertainment business for over 25 years, Terry Gajraj also support various charities in USA, Guyana and Canada.
The name of each victim (individual and corporate) of civil and criminal conduct alleged to be wrongful, including every person who may be entitled to restitution:
• Debora Gornicki
• Mahindranauth Deonauth
• Nelawattie Deonauth
• David Eli Waligora
• Tessy Joseph
• Mariano Padilla
• Jennifer Prado,
• MA Investments Enterprise LLC
• James R. Rinehart
• Shanta Hall
• Soomita Tewari
• Vikash Tewari
• Amisha Tewari
• Yogeshwar K. Persaud
• JeanMichel Sverzut (ph.)
• Ernie Rosseau
• Reginald Ferguson
• Erin Kohorn
• Meena Rajram
• Dharamraj Rajram
• Maria Rosalva Meca Abad
• Bert Lewis
• Dave Lall
• Robert Brandon Hayes
• Brittany Ann Hayes
• Carly Shepherd
• Nicol Altavilla
• Ernest Rosseau
• Christopher Ali
• Vic Seonath
• Elisha Bernard (ph.)
As other investors-victims of the Ponzi Scheme comes forward, the court will document their names.