Sanjay Singh {US Marshall’s Office}
A Coral Springs businessman convicted of running a Ponzi scheme that netted him $54 million through his trucking company was sentenced to 23 years in prison Friday.
A jury in November found Sanjay Singh, 45, of the Windings community, guilty of wire fraud, money laundering, and conspiring with employees to carry out the scheme.
The founder and former president of Royal Bengal Logistics (RBL), Singh, fraudulently raised approximately $158 million from more than 1,500 individuals, many of whom had emigrated from Haiti, based on Singh’s promise of “guaranteed returns” ranging from 12.5 to 325 percent, according to government records.
Investors eventually lost around $54 million in the Ponzi scheme, which spanned 2020 to 2023 and led to Singh losing control of his company, records show.
According to the Miami Herald, U.S. District Judge David Leibowitz on Friday said Singh was a “huckster” and scheduled a restitution hearing in the case for June 26.
In a letter filed in federal court in Fort Lauderdale, one of Singh’s victims told him of the pain he’d caused his victims.
“Mr. Singh, if you are not aware, and just like you, my wife and many others you duped are immigrants who came to the U.S. to further our education and/or seek a better life,” wrote the victim, according to the Herald. “You stole our happiness, our retirement, our financial freedom, and our money that we entrusted you with.”
Prosecutors said Singh misappropriated millions of investor funds for personal expenses like home renovation, mortgage payments, and margin stock trading.
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