• Wed. Jul 24th, 2024

Kristin Johnson Advocates for Improved Investor Literacy Following a Mammoth $57 Million Forex Swindle

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Jul 13, 2023
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The Commodity Futures Trading Commission (CFTC) has yet again revealed a legal action against a deceptive foreign exchange Ponzi operation. This time, the orchestrators of the scheme were Daniel Cologero, Surujpaul Sahdeo, Randy Rosseau, and Hemraj Singh. These culprits exploited four establishments: Green Knight Investments, LLC; Bull Run Advantage, LLC; SR&B Investment Enterprises, Inc.; and King Royalty, LLC.

In order to reconcile the charges lodged by the CFTC on September 9, 2020, a consent order was granted. The defendants stand accused of spearheading an illicit foreign exchange (forex) ploy.

Interestingly, only Avinash Singh and his organization, Highrise Advantage LLC (Highrise), decided against a settlement. The regulatory body posits that Singh dishonestly sought and misdirected funds via Highrise, using it as a main commodity pool. The rest of the accused managed feeder pools that channelled participant funds into Highrise.


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$57 million extracted from 1,300 investors

Singh allegedly spread his solicitations largely through personal referrals, amplified by solicitations from the other defendants. He painted himself as a seasoned trader with a decade-long forex trading background, offering low risk and a history of positive returns with no losses. The CFTC, however, insists that Singh’s trading involved only a marginal part of the invested funds, and these attempts led solely to losses.

Alongside merging funds with non-pool participant funds, Singh is accused of issuing fake monthly statements portraying steady profits and zero losses. These spurious results were parroted by the other defendants, ballooning the forex fraud to amass more than $57 million from over 1,300 pool participants.

From the $57 million, a mere sum of less than $2,408,000 was actually employed for forex trading, resulting in losses, not profits. As is the standard in Ponzi schemes, some of the funds were used to pay off selected participants and feeder pools from the pockets of other participant funds, not from trading gains.

Those defendants who chose settlement are compelled to collectively cough up more than $6.5 million in restitution and $3.8 million in civil monetary penalties.

Sharing her thoughts on the case, CFTC’s Kristin Johnson noted, “Educating investors and implementing legal measures are fundamental in our fight against scam artists exploiting diligent investors. Therefore, I passionately urge everyone to keep abreast of potential scams and abuses in the forex markets by regularly visiting our investor advisory page. Proposals ensuring guaranteed or abnormally high returns should warrant increased attention and thorough investigation prior to any transfer of funds.”

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