SEC Charges Florida Resident and Trucking Company with Fraudulently Raising $112 Million from Haitian-American Investors

Royal Bengal Logistics Inc. and Sanjay Singh, a member of the Securities and Exchange Commission, have been accused by SEC of fraudulently raising $112,000,000 from 1,500 Investors. The securities offered were primarily aimed at Haitian-Americans.

Singh and Royal Bengal Logistics, according to the SEC complaint, offered high-yield investments programs between 2019 and 2023 that promised guaranteed returns of 12.5% to 325 percent. Investors were assured that their funds would be used to expand operations and fleet of the company. The SEC claims that Royal Bengal was operating at a loss, and using new investor funds for Ponzi-like payments.

Singh is accused to have misappropriated $14 million in investor funds and diverted over $19 millions into two brokerages accounts, resulting a loss of more than $1 million. The SEC filed a complaint with the U.S. District Court of Florida’s Southern District accusing Singh and Royal Bengal of violating securities laws.

Sheetal Singh, the wife of Sanjay, and Constantina, the spouse of Royal Bengal Logistics Vice President for Business Development, were also named as defendants by SEC. The District Court granted SEC’s emergency relief request, including asset frozen and appointment of Receiver.

Investor Alert: The SEC Office of Investor Education and Advocacy and the Retail Strategy Task Force of the Division of Enforcement have issued a joint Investor Alert that includes tips to avoid making investment decisions solely based on common connections with those who are recommending or selling an investment.

The SEC would like to thank the Florida Office of Financial Regulation as well the U.S. Attorney’s Office of Southern District of Florida and FBI’s Miami Field Office.

The SEC’s fraud investigation was conducted as part of Miami Regional Office’s Fraud Against Minority Groups Initiative by Linda S. Schmidt. She was supervised by Sean M. O’Neill, Glenn Gordon and Mark Dee. Fernando Torres and Ivette goizueta mendes provided assistance. Russell O’Brien is leading the SEC’s litigation, under the supervision of Teresa J. Verges.

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