Maryland Man Sentenced for Million Dollar Investment Fraud Scheme
ALEXANDRIA, Va. – An Owings Mills, Maryland man was sentenced today to 40 months in prison for wire fraud and identity theft in connection with a fraudulent investment scheme worth approximately $1.26 million.
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.
Raj Parekh, Acting U.S. Attorney for the Eastern District of Virginia, and Robert E. Bornstein, Acting Special Agent in Charge of the FBI Washington Field Office Criminal Division, made the announcement after sentencing by Senior U.S. District Judge T. S. Ellis III.
Assistant U.S. Attorney Grace L. Hill and Heidi B. Gesch prosecuted the case.
A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:20-cr-59.