Inland Empire man accused of multi-million dollar Southland Ponzi scheme
News: 2017 Press Release
Singh's bail hearing is at 8:30 a.m. today in Riverside County Superior Court, Department 63. Singh's bail is set at $716,000. A bail hold was placed on Singh, which requires the defendant prove any bail funds were not obtained illegally.
"Singh's alleged Ponzi scheme and violation of his fiduciary responsibility is reprehensible," said Insurance Commissioner Dave Jones. "I have zero tolerance for agents who betray their clients' trust to line their own pockets."
Responding to complaints from a handful of seniors, Singh's association with an insurance company was terminated after he admitted to using clients' money for his personal use. The Riverside County District Attorney's team was instrumental in this investigation and is prosecuting the case.
Investigators from the Riverside County District Attorney's office arrested Singh after their investigation revealed that Singh, a former licensed insurance agent, invited his insurance and annuity clients to invest in various ventures promising 10-12 percent return, but appeared to use their money to pay his personal and business expenses, and to pay interest to other investors to keep the Ponzi scheme going.
Singh and his corporation, Pradeepsingh Corporation dba Secure Vision Associates Insurance Services, filed for bankruptcy in August 2014 and listed 58 individuals as creditors who loaned Singh and his company more than $3.7 million. During a bankruptcy deposition, Singh admitted he never made any investments with his creditors' funds.
- The criminal complaint also includes Penal Code 186.11, which is a white collar crime enhancement and 12022.6(a)(1), which is an excessive taking allegation.
- Singh's business: Pradeepsingh Corporation dba Secure Vision Associates Insurance Services filed for bankruptcy in August 2014 and admitted he had not invested any of his clients' money.
- Riverside Hall of Justice - 4100 Main Street, Riverside.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $289 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $394 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP or 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.