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Press Release

El Dorado Hills Man Indicted for Fraud Against Merchant Cash Advance Companies

For Immediate Release
U.S. Attorney's Office, Eastern District of California

SACRAMENTO, Calif. — A 10-count indictment was unsealed today against Suneet Singal, 43, of El Dorado Hills, charging him with wire fraud and mail fraud, U.S. Attorney Phillip A. Talbert announced.

According to court documents, between March 2017 and July 2017, Singal engaged in a scheme to make false representations in order to induce financing companies to provide funds to certain companies in the form of merchant cash advances, which are advances of money in exchange for promises to repay greater amounts of money from future receivables. To obtain the cash advances, Singal claimed that he was the owner of a company that operated a chain of fast-food franchises, but he did not actually own that company.

This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Miriam R. Hinman and Nicholas M. Fogg are prosecuting the case.

If convicted, Singal faces a maximum statutory penalty for each count of 20 years in prison and a fine of $250,000 or twice the gross gain or gross loss, whichever is greater. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

Updated April 18, 2022

Financial Fraud