Orlando business owner confesses to $57 million investment fraud scheme – WFTV

ORLANDO, Fla. — Avinash Singh, a 42-year-old Orlando man, is facing a lengthy prison sentence after pleading guilty to charges related to a multi-million dollar investment and wire fraud scheme. According to court documents filed in the Middle District of Florida, Singh operated a company called Highrise Advantage, LLC, which received over $57 million from more than 1,100 victims between February 2013 and September 2020.

Singh lured investors by falsely claiming he was a successful forex trader with a guaranteed track record of success. He promised his victims that they would not lose any funds due to trading losses. However, instead of investing the money as promised, Singh used funds from one investor to pay off debts to another. In total, he misappropriated at least $45 million for personal expenses and payments to other investors.

Singh pleaded guilty to two counts of wire fraud and three counts of money laundering. He faces a maximum sentence of 20 years for each count of wire fraud and up to 10 years for each count of money laundering. As part of his plea agreement, Singh has agreed to forfeit the $57 million obtained through the fraudulent scheme, as well as two personal homes purchased with the ill-gotten funds.

The sentencing date has not yet been set for Singh. The case was investigated by multiple agencies, including the Federal Deposit Insurance Corporation Office of Inspector General and the State of Florida Office of Financial Regulation. The prosecution is being handled by Assistant United States Attorney Amanda S. Daniels, with asset recovery managed by Assistant United States Attorney Nicole M. Andrejko.