Allegedly Altered Monthly Statements to Hide Investment Losses
Baltimore, Maryland - A federal grand jury has indicted Jagveer Singh, age 55, of Clarksville, Maryland, on charges of securities fraud. The indictment was returned yesterday and Singh was arrested today.
The indictment was announced by United States Attorney for the District of Maryland Rod J. Rosenstein and Postal Inspector in Charge Gary R. Barksdale of the U.S. Postal Inspection Service - Washington Division.
Singh was an investment advisor who provided investment advice and services to clients in Maryland through two companies he owned, A&S Financial Services, Inc. and later, Synergia Capital Management, LLC. A&S provided financial planning, investment advice and tax services to affluent investors and small businesses. Synergia provided consulting and advisory services in the areas of financial planning, investment advice and business development and management. Both companies were located in Clarksville.
Singh has a Ph.D. in molecular biology, an MBA degree from The Johns Hopkins University, and worked as a licensed stockbroker from 2000 to 2002 at a large financial investment company.
According to the one count indictment, from January 2008 to June 2010, Singh altered a client’s monthly statements from an on-line brokerage firm that executes purchases and sales of securities, before providing those statements to the client, in order to conceal investment losses. Singh increased the market value shown on the monthly statement for numerous securities. In all, Singh altered over 24 monthly statements to hide between $224,747.34 and $53,186.76 in losses in any given month. In addition, during the time when Singh was altering his client’s monthly statements, the account suffered a total loss of about $310,310.70. During this time, Singh obtained $14,382.52 in commissions from the client.
The indictment seeks forfeiture of $324,693.22.
Singh faces a maximum sentence of 25 years in prison followed by three years of supervised release and a fine of $250,000. Singh is scheduled to have his initial appearance today at 3:30 p.m. in U.S. District Court in Baltimore.
An indictment is not a finding of guilt. An individual charged by indictment is presumed innocent unless and until proven guilty at some later criminal proceedings.
Today’s announcement is part of efforts underway by President Obama’s Financial Fraud Enforcement Task Force (FFETF) which was created in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys’ offices and state and local partners, it’s the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state and local authorities; addressing discrimination in the lending and financial markets and conducting outreach to the public, victims, financial institutions and other organizations. Over the past three fiscal years, the Justice Department has filed more than 10,000 financial fraud cases against nearly 15,000 defendants including more than 2,700 mortgage fraud defendants. For more information on the task force, visit www.stopfraud.gov.
United States Attorney Rod J. Rosenstein praised the U.S. Postal Inspection Service - Washington Division for its work in the investigation and thanked Assistant United States Attorney Leo J. Wise, who is prosecuting the case.