Former Elk Grove Man Sentenced to More Than 15 Years in Prison in $20 Million Investment Fraud and for False Statements in Bankruptcy
SACRAMENTO, CA—Vincent Singh, 45, formerly of Elk Grove, was sentenced today by United States District Judge Morrison C. England Jr. to 15.5 years in prison for wire fraud and false statements in bankruptcy, United States Attorney Benjamin B. Wagner announced.
According to court documents, Singh carried out an investment fraud through an entity known as the Perfect Financial Group. He targeted 190 members of the ethnic Indian Fijian community for an investment fraud that grossed approximately $20 million. Singh told investors that he was using their money for hard money lending. In fact, Singh used $12 million for gambling, made $2 million in cash withdrawals, spent $880,000 on a film project, and spent more than $1 million on other business ventures. Singh also used millions of dollars of investor money to pay other victims and give Perfect Financial the false appearance of success. The scheme collapsed, and when Singh declared bankruptcy, he failed to disclose 19 of the bank accounts that he had used in the investment fraud.
At sentencing, Judge England said, “Crimes such as these are the absolute worst because the defendant who engages in these activities preys upon the good nature, the friendships, the relationships and everything else to try to entice these victims into giving up everything, and they gave up everything.”
U.S. Attorney Wagner stated: “Singh convinced people who considered him a friend to invest with him. Rather than invest the funds, he spent it on gambling and frivolous projects. Today’s sentence brings a measure of justice, but it cannot right the wrongs Singh’s conduct visited on his nearly 200 victims. This office will continue to prosecute investment fraud and will bring to justice those who violate the trust of the law-abiding members of our community.”
This case was the product of an investigation by the Federal Bureau of Investigation with the assistance of the Office of the U.S. Trustee. Assistant United States Attorney Matthew D. Segal prosecuted the case.
This case was done in connection with the President’s Financial Fraud Enforcement Task Force that was established to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys’ offices and state and local partners, it is the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud. For more information on the task force, please visit www.StopFraud.gov.