Florida Investment Scammer Avinash Singh Pleads Guilty to $57M Wire Fraud Scheme

A Florida investment scammer is behind bars after pleading guilty to a $57 million wire fraud scheme.

42-year-old Avinash Singh of Orlando, Florida, pleaded guilty to two counts of wire fraud and three counts of money laundering, according to a press release from the U.S. Department of Justice.

Singh’s scheme involved operating a company called Highrise Advantage, LLC, where he solicited and received over $57 million from over 1,100 victims who thought they were investing in retail foreign currency contracts.

However, instead of investing the funds, Singh used them to pay amounts owed to other investors and fund his own lavish lifestyle.

The scheme, which ran from February 2013 to September 2020, left victims with significant financial losses.

Avinash Singh faces up to 20 years in federal prison for each count of wire fraud and up to 10 years for each count of money laundering. He has also agreed to forfeit $57 million and two personal residences, which were purchased with the proceeds of the scheme.

The investigation into Singh’s scheme was led by the Federal Deposit Insurance Corporation Office of Inspector General, the St. Cloud IRS Federal Financial Crimes Task Force, and the State of Florida Office of Financial Regulation, with assistance from the U.S. Marshals Service.

The case is being prosecuted by Assistant United States Attorney Amanda S. Daniels, with asset recovery handled by Assistant United States Attorney Nicole M. Andrejko.

A sentencing date has not yet been set for Avinash Singh, but one thing is clear: justice is finally being served for the hundreds of victims of his scheme.

Florida residents are advised to be vigilant when investing in companies, and to do their research before handing over any money.

The U.S. Department of Justice has vowed to continue fighting against financial scams and bringing perpetrators to justice.