Vincent Thakur Singh Pleads Guilty To Fraud Charges In Connection With Ponzi Scheme
Vincent Thakur Singh pled guilty to wire fraud in connection with a scheme Singh orchestrated that caused investors to lose millions of dollars.
Singh operated Perfect Financial Group as a fraudulent scheme and informed potential investors that he was in the business of hard money lending and that their money would be used to make such loans, according to an indictment issued by a federal grand jury. Singh claimed that investors would receive the principal amount of their investments plus up to approximately 30% in a matter of months, according to the indictment.
Singh did not use investors’ money to make loans to third parties as he had represented to investors, according to indictment. Singh instead lost over $12 million of investors’ funds through gambling, diverted $2 million to bank accounts under his control and withdrew the money, diverted $880,000 to a film project, spent $370,000 for a down payment on a commercial property, used $662,500 to buy three retail business franchises, and used money from investors to pay other investors, falsely representing these payments as profits from the business of short-term hard money lending, according to the indictment.
Singh did make payments to investors, however, he failed to inform those receiving payments that he was simply making these payments from money that he received from other investors, according to the indictment.
The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.