Orlando Man Sentenced to Prison for $57 Million Scam

Avinash Singh, of Orlando, was sentenced to 24 years in prison for his role in defrauding more than 1,100 victims nationwide out of approximately $57 million. Additionally, he was ordered to forfeit all the proceeds he obtained from the fraud, as well as any property he obtained through investors’ money. This sentence follows Singh’s guilty plea to charges of wire fraud and money laundering, in May 2024.

Singh operated Highrise Advantage, LLC, a purported retail foreign currency (forex) trading firm that promised investors “guaranteed” returns. Singh received more than $57 million from investors who believed Singh’s claims of proven success as a forex trader. However, the investigation revealed that Singh used investor money to make Ponzi-type payments to earlier investors, while making a few unprofitable foreign currency market trades. To cover up this scheme, Singh issued monthly statements that falsely representing that he had invested the money in forex trading and that he was receiving large profits. After being formally charged in February 2021, Singh fled the country to evade arrest, but was arrested in Belize in October 2023, with the assistance of the U.S. Marshals’ Service.

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. This case was prosecuted by the United States Attorney’s Office for the Middle District of Florida.

Read the press release.