Articles Posted in Ponzi Scheme

Malecki Law is currently investigating allegations around Deutsche Bank Securities Inc. (DBSI) and its terminated financial adviser, Avinash Singh.  The Commodity Futures Trading Commission (CFTC) recently filed a civil enforcement action against Mr. Singh, along with nine others, including Daniel Cologero and Randy Rosseau, who reside in Florida, and Hemraj Singh, from New Jersey, concerning allegations of an almost $5 million-dollar multi-level Ponzi scheme.

Mr. Singh is accused of misappropriating funds fraudulently solicited by him and his co-defendants.  They allegedly used their network of contacts to prey on those within their communities.  One individual charged, Surujpaul Sahdeo, was a priest who may have used his company, SR&B Enterprises, to prey on the Guyanese community and community church-goers, allegedly using their donations to fund the Ponzi scheme through Mr. Singh, who was registered with DBSI. It is alleged that all of the funds were funneled through commodity pools set up to funnel the fraudulently solicited funds– Highrise Advantage, LLC., Green Knight Investments, LLC, Bull Run Advantage, LLC, and King Royalty, LLC.

Pursuant to their membership with the Financial Industry Regulatory Authority (FINRA), brokerage firms like DBSI have supervisory duties that require them to monitor both the internal and external business activities of their registered employees and brokers like Mr. Singh.   This is significant because Ponzi victims often do not know who to turn to, as Ponzi funds are often spent and heavily depleted by the time a Ponzi scheme falls apart and is discovered.  Nevertheless, Malecki Law has decades of experience in successfully recovering millions of dollars from brokerage firms like DBSI, and other brokerage firms such as those Malecki Law sued and successfully recovered from in Ponzi schemes perpetrated by Hector May and Robert Van Zandt.

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