Orlando Man Pleads Guilty for Role in $57 Million Forex Scam

Avinash Singh, of Orlando, entered a guilty plea to two counts of wire fraud and three counts of money laundering for his role in defrauding more than 1,100 victims nationwide out of approximately $57 million.

Singh operated Highrise Advantage, LLC, a purported retail foreign currency (forex) trading firm that promised investors “guaranteed” returns. Singh received over $57 million from investors who believed Singh’s claims of proven success as a forex trader. Contradictory to his promises, the investigation revealed that Singh used investor funds to make Ponzi-style payments to earlier investors, while making few unprofitable foreign currency market trades. Singh misappropriated at least $45 million in this way and used a significant amount of the remaining investors’ money to fund his personal living expenses. To cover up his scheme, Singh issued monthly statements that falsely represented that he had invested the funds in forex trading and that he was receiving large profits.

Singh was formally charged with wire fraud and money laundering offenses but fled the country to evade arrest. With the assistance of the U.S. Marshal’s Service, Singh was arrested in Belize. Singh faces a maximum penalty of 20 years in federal prison for each wire fraud count and up to 10 years in federal prison for each money laundering count. Singh has also agreed to an order of forfeiture in the amount of $57 million, as well as to the forfeiture of two personal residences, which were purchased with the proceeds of the wire fraud scheme and involved in the money laundering offenses. 

This investigation was developed jointly with the OFR, the Federal Deposit Insurance Corporation, Office of Inspector General, and the St. Cloud IRS Federal Financial Crimes Task Force. The case is being prosecuted by the United States Attorney’s Office for the Middle District of Florida.

Read the press release.