Operator Of Highrise Advantage, LLC, Avinash Singh Indicted For Over $57 Million In Investment Fraud
Orlando, FL (STL.News) United States Attorney Maria Chapa Lopez announces the return of an indictment charging Avinash Singh (38, Orlando) with 10 counts of wire fraud and 6 counts of money laundering. Singh faces a maximum penalty of 20 years in federal prison for each wire fraud count, and up to 10 years’ imprisonment for each money laundering count.
According to court documents, Singh operated a local company by the name of Highrise Advantage, LLC. From February 2013 to September 2020, Singh received more than $57 million, from over 1,100 victims, that was to be invested in retail foreign currency contracts (“forex”) through Highrise. To induce his victims to invest, Singh claimed that he had a proven track record of success as a forex trader, that he was going to use the funds for investments in forex, and that he would “guarantee” that his victims would not lose any funds for any trading losses. Those representations were not true. Rather than invest his victims’ funds in forex trading as he had promised, Singh used funds from one investor to pay amounts owed to other investors.