SEC Charges Florida Resident Sanjay Singh and Royal Bengal Logistics with Fraudulent $112 Million Investment Scheme Targeting Haitian-Americans

The Securities and Exchange Commission (SEC) has charged Sanjay Singh and his company Royal Bengal Logistics Inc. with fraudulently raising approximately $112 million from as many as 1,500 investors through an unregistered securities offering that primarily targeted Haitian-Americans. According to the SEC's complaint, Singh and Royal Bengal Logistics promised investors high-yield investment programs with guaranteed returns of 12.5 to 325 percent and claimed their company generated up to $1 million in revenue per month. However, they allegedly used investor funds to make Ponzi-like payments instead of expanding operations as promised, and misappropriated approximately $14 million for themselves and others who did not provide any legitimate services. Additionally, Singh allegedly diverted over $19 million to two brokerage accounts he controlled, engaged in highly speculative equities trading on margin, and lost more than $1 million of investors' money. The Court granted the SEC's request for emergency relief such as preliminary injunctions, asset freezes, appointment of a Receiver, prohibition of destruction of documents, Officer and Director bar against Singh, and permanent injunctions, civil money penalties, and disgorgement of ill-gotten gains with prejudgment interest against both the Defendants and Relief Defendants. The SEC investigation was conducted in collaboration with Florida’s Office of Financial Regulation, the U.S. Attorney’s Office for the Southern District of Florida, the FBI’s Miami Field Office, and the U.S. Department of Transportation, Office of Inspector General, Southern Region.