A South Florida trucking company owner has been sentenced to 23 years in federal prison for orchestrating a $54 million Ponzi scheme that defrauded thousands of working-class investors — including many in the Haitian-American community.
According to detailed reporting by the Miami Herald, 45-year-old Sanjay Singh, the former president of Royal Bengal Logistics Inc., promised high returns and partial ownership of trucks in his fleet to around 2,000 investors. Many of the victims were nurses, teachers, veterans, and retirees — everyday people who invested between $25,000 and $250,000, believing their money was secure.
A large portion of these investors were immigrants, including many Haitians who trusted Singh through personal relationships or community connections. Prosecutors referred to this as “affinity fraud,” a tactic where scammers prey on trust within close-knit communities.
Singh claimed the company was making between $650,000 and $1 million per month and told investors during Zoom calls that Royal Bengal was a better investment than Apple or Tesla. But instead of funding a legitimate business, Singh used the money to fuel a lavish lifestyle — buying luxury cars, renovating properties, and gambling millions in the stock market.
One 66-year-old retiree who lost his savings shared in a letter to the court: “You stole our happiness, our retirement, our financial freedom, and our money that we entrusted you with.” He has now been forced to return to work.
Singh was convicted by a jury in November 2023 on charges including conspiracy, wire fraud, and money laundering. He was initially out on a $1 million bond, but it was revoked after prosecutors revealed he was a flight risk with ties to India. He has remained in custody since.
The U.S. Securities and Exchange Commission (SEC) has also filed a civil suit against Singh, his company, his wife Sheetal Singh, and an associate, Constantina Celicourt. Though neither woman has been criminally charged, the SEC alleges they financially benefited from the scheme.
This case serves as a painful reminder of the importance of financial awareness and vigilance, especially within immigrant communities. As more Haitian-Americans continue to invest and build wealth, it’s critical to do due diligence and remain cautious of schemes that sound too good to be true.
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