{"id":75679,"date":"2020-09-21T02:32:57","date_gmt":"2020-09-21T06:32:57","guid":{"rendered":"https:\/\/www.hedgeco.net\/news\/?p=75679"},"modified":"2020-09-21T02:33:27","modified_gmt":"2020-09-21T06:33:27","slug":"cftc-charges-4-florida-men-1-new-jersey-man-and-their-companies-in-4-75-million-forex-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/09\/2020\/cftc-charges-4-florida-men-1-new-jersey-man-and-their-companies-in-4-75-million-forex-ponzi-scheme.html","title":{"rendered":"CFTC Charges 4 Florida Men, 1 New Jersey Man, and Their Companies in $4.75 Million Forex Ponzi Scheme"},"content":{"rendered":"\n<p>(HedgeCo.Net) The Commodity Futures Trading Commission has announced the filing of a civil enforcement action in the United States District Court for the Middle District of Florida against 10\u00a0defendants in a multi-level <strong>$4.75 million off-exchange foreign currency (forex) Ponzi scheme.<\/strong><\/p>\n\n\n\n<p>The complaint charges Florida resident <strong>Avinash Singh <\/strong>with fraudulently soliciting and misappropriating funds through a master commodity pool <strong>Highrise Advantage, LLC<\/strong>. Florida residents <strong>Daniel Cologero <\/strong>and<strong> Randy Rosseau<\/strong> as well as New Jersey resident <strong>Hemraj Singh <\/strong>were also charged with fraudulently soliciting funds from clients forHighrise through the commodity pools they operated,<strong> Green Knight Investments, LLC, Bull Run Advantage, LLC, <\/strong>and<strong> King Royalty, LLC<\/strong>. The complaint also charges Florida resident <strong>Surujpaul Sahdeo<\/strong> and his company <strong>SR&amp;B Enterprises<\/strong> with unlawfully soliciting, accepting, and feeding client funds to Highrise.<\/p>\n\n\n\n<p>On September 16, 2020, U.S. District Court Judge Carlos E. Mondoza signed a statutory restraining order freezing the assets of Singh, Highrise, Green Knight, Bull Run, King Royalty, and SR&amp;B. The order also prohibits the destruction or concealment of the defendants\u2019 books and records.<\/p>\n\n\n\n<p>\u201cAs alleged, these bad actors lied to participants about the use of the funds entrusted to them for forex trading,\u201d said Division of Enforcement Director James McDonald. \u201cThe enforcement action filed today demonstrates the CFTC\u2019s continued commitment to rooting out fraud in our markets.\u201d<\/p>\n\n\n\n<p><strong>Case Background<\/strong><\/p>\n\n\n\n<p>The complaint alleges that beginning in or around February 2013 and continuing to the present, the defendants accepted at least $4.75 million from over 150 victims. In soliciting potential victims to participate in Highrise, Avinash Singh falsely claimed to be a successful commodities trader with a track record of positive gains and no losses. Cologero, Hemraj Singh, and Rosseau also allegedly misrepresented the profits Highrise had generated\u2014as well as the potential risk of loss in Highrise\u2014when soliciting funds for their scheme.<\/p>\n\n\n\n<p>The complaint alleges that of the at least $4.75 million accepted, Avinash Singh and Highrise traded only a combined amount of $1,656,000 in forex and misappropriated at least $3&nbsp;million of victims\u2019 funds to pay personal expenses, to transfer to other defendants, and to make Ponzi-type payments to other victims.<\/p>\n\n\n\n<p>Highrise, Green Knight, Bull Run, and King Royalty each issued monthly account statements to their victims that misrepresented their profits and balances. The complaint further alleges that SR&amp;B received at least $1,350,000 in funds from victims in its own name and then transferred this money to Highrise to fund a forex account.<\/p>\n\n\n\n<p>The complaint further charges all defendants with failing to register with the CFTC as required and with violating other regulatory requirements relating to the operation of commodity pools.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(HedgeCo.Net) The Commodity Futures Trading Commission has announced the filing of a civil enforcement action in the United States District Court for the Middle District of Florida against 10\u00a0defendants in a multi-level $4.75 million off-exchange foreign currency (forex) Ponzi scheme. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048],"tags":[],"class_list":["post-75679","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/75679","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=75679"}],"version-history":[{"count":2,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/75679\/revisions"}],"predecessor-version":[{"id":75681,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/75679\/revisions\/75681"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=75679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=75679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=75679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}