Founder and CEO Indicted on Federal Wire Fraud Charges
The CEO and founder of a Florida trucking company has been indicted on federal wire fraud charges after prosecutors allege the operation was a Ponzi scheme. If convicted, the 43-year-old Coral Springs resident will face up to 150 years in prison. Investigators are asking for information from Investors in the company, Royal Bengal Logistics, Inc. (“Royal Bengal”).
The national securities and class action law firm, Levin Law, P.A. (“Levin Law”), is investigating claims related to the alleged Royal Bengal Ponzi scheme. Investors in the Florida trucking company may be able to pursue legal action. If you or a loved one invested in Royal Bengal, contact our office at (855) 419-2412 to schedule a free case evaluation or email founder and managing attorney Brian Levin directly at contact@levinlawpa.com.
U.S. Attorney Accuses Trucking Company Founder of Running Ponzi Scheme
The United States Attorney out of the Southern District of Florida has accused Sanjay Singh of allegedly running a Ponzi scheme. The 43-year-old Coral Springs man reported using his over-the-road trucking company, Royal Bengal Logistics, Inc., to orchestrate the $100 million investment fraud.
Singh has been indicted on multiple charges, including wire fraud, conspiracy to commit wire fraud, misappropriation, and engaging in transactions with unlawful proceeds. If convicted on all counts, the U.S. Attorney’s office notes that he could face up to 150 years in prison.
How the Ponzi Scheme Worked
Legal filings indicate that Singh, along with co-conspirators, claimed that Royal Bengal was a successful trucking business when in reality, the company was losing money. In order to dupe investors into believing the business was thriving, Singh (with his co-conspirators) allegedly made material misrepresentations and omissions about the company.
For instance, Singh routinely failed to inform investors about the potential risk involved with investing in Royal Bengal. Additionally, he and his co-conspirators failed to disclose the true profitability of the company’s trucking operations or even how the company would pay investors or use investor funds. It is believed that investors were defrauded out of over $100 million. Unbeknownst to investors, Royal Bengal was reportedly using funds raised by new investors to pay existing investors.
The indictment further alleges that Singh not only defrauded investors out of millions of dollars but that he also misused the money for personal gain. According to federal prosecutors, Singh used the funds received from investors to “renovate his home, make mortgage payments, pay for personal expenses, and trade stocks on margin.” Aggrieved investors are asked to contact the Federal Bureau of Investigation (FBI) to provide information.
Contact Levin Law for a Free Case Evaluation
If you have been defrauded after investing with Royal Bengal or another Ponzi scheme, you are strongly encouraged to contact an attorney. An attorney can help determine whether you have a valid claim for damages. Contact our office at (855) 419-2412 to schedule a free case evaluation. Harmed investors can also email founder and managing attorney Brian Levin directly at contact@levinlawpa.com.
Most cases at Levin Law are handled on a contingency fee basis. This means that you are not required to pay Levin Law attorney fees unless money is recovered on their behalf.
About Levin Law
Levin Law is a premier national cryptocurrency, securities, commodities, futures, and class action law firm. Brian Levin, Levin Law’s founding attorney, has helped recover in excess of $150,000,000 through arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.
