A Florida man has been charged in federal court with orchestrating a $100 million investment fraud (Ponzi) scheme run through his over-the-road trucking company, Royal Bengal Logistics, Inc. (“RBL”).
The indictment alleges that Sanjay Singh, 43, of Coral Springs, Florida, violated federal laws criminalizing conspiracy to commit wire fraud, wire fraud, and engaging in transactions in unlawful proceeds.
According to the indictment, Singh, RBL’s founder and president, organized and ran a substantial Ponzi scheme with co-conspirators.
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The conspiracy began in January 2020 and was ongoing at the time of his arrest. Singh and his co-conspirators held RBL out to potential investors as a thriving and successful trucking business, all while RBL’s actual trucking business lost money.
In the process, Singh and his co-conspirators made material misrepresentations and material omissions about the riskiness of investing in RBL, the profitability of RBL’s trucking operations, how RBL would pay its investors, and how RBL would use investor funds.
Through these material misrepresentations and omissions, Singh and his co-conspirators raised over $100 million from investors, which Singh and his co-conspirators then used in part to pay existing investors promised returns.
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The indictment also alleges that Singh misappropriated millions of dollars of investor funds to renovate his home, make mortgage payments, pay for personal expenses, and trade stocks on margin.
If convicted of all charges in the indictment, Singh faces a maximum penalty of 150 years’ imprisonment. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
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