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GUYANESE MAN SENTENCED FOR PONZI SCHEME
Emir
2024-08-14 03:29:57
Orlando, FL – U.S. District Judge Carlos Mendoza has sentenced Avinash Singh (42, St. Cloud) to 24 years in federal prison for wire fraud and money laundering. The court also ordered Singh to forfeit the $57 million in proceeds he obtained from his offenses, as well as real property that he purchased with those proceeds. Singh entered a guilty plea on May 6, 2024.
According to court documents, Singh operated an Orlando-based company by the name of Highrise Advantage, LLC (Highrise). From February 2013 to September 2020, Singh received more than $57 million from over 1,100 victims who believed that they were making investments in retail foreign currency contracts (forex) through Highrise. To induce his victims to invest, Singh 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. None of these representations were true.
Who else was with him?
Drapsey
2024-08-14 10:52:40
Chrissy
2024-08-14 11:51:19
In reply to Emir
When di dream becomes di nightmare. Bet he was showing off di loot big time.y
Peeps never learn.
“This case epitomizes selfish greed at an astonishing level,” said Ron Loecker, Special Agent in Charge of IRS Criminal Investigation’s Tampa Field Office. “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. This sentencing shows that we will go to great lengths to ensure those who try to illegally place themselves above others are held accountable.”
Emir
2024-08-14 12:07:50
In reply to Chrissy
And sadly, the vast majority of his victims were honest, hard working American Guyanese families who worked all their life to support their families and build their retirement, they had a little extra to invest- the $20K here and three, for the hundreds of victims.
This case reminds me of the "Ed" Ahmad feller with the real estate scam in a place call Richmond Hill, Queens- he also scammed Guyanese families- he along with some lawyers- also Indo Guyanese were fined and spent time on jail- not sure if Ahmed is still inside.
But before these cases there was this James feller, who murdered 7 Guyanese men in the same Richmond Hill and one who he lured to Guyana and killed him, for life insurance money. He was sentenced to Life in jail.
I also believe before James, there was Dr. Singh and his father who was found guilty of billing Medicare/Medicaid for $17mil for drug addicts.
Chrissy
2024-08-14 13:00:04
In reply to Emir
They always prey on the gullible who buy their BS.
BeatDball
2024-08-14 14:08:54
In reply to Emir A glaring aspect of the socishitist ideology is full throttle greed! Who vex vex.
doosra
2024-08-14 14:09:46
In reply to BeatDball
how do you manage to link greed to socialist ideology?
BeatDball
2024-08-14 14:25:53
In reply to doosra This is especially true of immigrants from the third world! Somehow, I don't ever read of SoKo, Phillipine, Taiwanese immigrants, etc engaging in these duplicitous things. Envy & greed are hallmarks of your loving ideology.
Prako
2024-08-14 14:32:26
In reply to BeatDball
It seems as if Guyanese and Nigerians do these scam things often
BeatDball
2024-08-14 14:40:24
In reply to Prako Brilliant people...of course, when that entrepreneurship desire cannot come to fruition in your homeland & as you emigrate to the West & you see opportunities galore. You then make the false assumptions, that you're smarter, you will finagle, be expedient until you're caught - Badam!
BeatDball
2024-08-14 14:47:17
Precisely, why I preach against this ideology! The only in between ideology for the third world is Singapore's template... just look at Rwanda & now, El Salvador! Skites fools, please listen nah man.
Chrissy
2024-08-14 14:59:47
In reply to doosra
Leff him
jacksparrow
2024-08-14 16:29:11
GT people in everything boy, hustle mentality even a few generations later
granite
2024-08-14 17:06:23
In reply to Prako
From cases I see in England I give full credit to the Nigerians,they don't take from people but can fleece the Government departments of hundreds of thousands.Smart fellas I say.
DirtyDan
2024-08-14 18:06:49
googley
2024-08-14 18:27:25
In reply to doosra
De man shame to say capitalist greed
BeatDball
2024-08-14 21:20:18
In reply to jacksparrow You have nailed it ole boy. 
Emir
2024-08-14 22:58:31
In reply to DirtyDan
Its an old article dates 2017, so do you know by now he has finished serving his 50 months? Was he deported back to Guyana, if yes, has he been shunned by the political and medical establishment? I note he is still relatively young, about 73 now?
camos
2024-08-15 00:26:08
What ever happened to the dude that stole the money, from a hospital I think and started the airline to Guyana?
