Orlando Scammer Avinash Singh Guilty of $57M Investment Fraud Scheme

ORLANDO, FL – In a shocking case of investment fraud, Avinash Singh (42, Orlando) has pleaded guilty to two counts of wire fraud and three counts of money laundering, totaling over $57 million in losses for unsuspecting victims.

Singh, the operator of Highrise Advantage, LLC, orchestrated the massive scheme from February 2013 to September 2020, swindling over 1,100 victims out of their hard-earned cash. He claimed to have a proven track record of success in foreign currency trading, guaranteeing his investors that they would not lose any funds for trading losses.

But Singh’s promises were nothing more than empty words. Instead of investing the funds as promised, he used them to pay off other investors and fund his own lavish lifestyle. At least $45 million of the stolen funds was used to line his own pockets, while millions more were spent on personal expenses.

The U.S. Attorney’s Office announced that Singh faces a maximum penalty of 20 years in federal prison for each wire fraud count and up to 10 years for each money laundering count. He has also agreed to an order of forfeiture in the amount of $57 million, as well as the forfeiture of two personal residences purchased with the proceeds of the scheme.

The investigation, 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, is a stark reminder of the dangers of investment scams. Assistant U.S. Attorney Amanda S. Daniels is prosecuting the case, with Assistant U.S. Attorney Nicole M. Andrejko handling asset recovery.

The guilty plea marks a significant victory for law enforcement and a warning to would-be scammers. As the U.S. Attorney’s Office continues to crack down on white-collar crime, one thing is clear: those who prey on the vulnerable will be held accountable for their actions.