Manish Singh of Maryland recently pleaded guilty to wire fraud and identity theft in connection with a $1.26 million fraud relating to the high-end fabric market.
As recounted in a news release from the Department of Justice:
“According to court records and evidence presented at trial, Manish Singh, 48, entered into an agreement in 2016 with a married couple to create a business that would design and sell high-end fabrics. The couple was to provide the capital for the business, and Singh was to contribute his expertise and contacts in the fabric industry.
Singh represented to the victim investors that their money was being used for numerous expenses related to the business, such as the manufacture of fabric in India. In reality, Singh was using the victims’ money almost entirely for personal expenses, mostly to view live pornography online. Based on Singh’s misrepresentations, the victims gave him approximately $1.26 million for the fraudulent joint business venture.”
Manish Singh faces a maximum sentence of 20 years in prison for the fraud. His sentencing is scheduled for July 30, according to the DOJ news release.
If you have suffered losses in an investment scheme, Fishman Haygood’s Securities Lawyers may be able to help. Contact us for a free evaluation of your potential claims.