Tripp Scott Attorneys Named Receivers In Multi-Million Dollar Ponzi Case
FORT LAUDERDALE, Fla., July 11, 2023 – Tripp Scott announced today that Paul Lopez, COO of the law firm, and Jennifer Wahba, associate, were named receivers for Royal Bengal Logistics by Judge Raag Singhal of the United States District Court for the Southern District of Florida (the Federal Court). In addition, the firm, and Charles Tatelbaum, a director with the firm, were named counsel to the Receivers.
Federal authorities recently filed a criminal indictment and a civil complaint against Royal Bengal Logistics' owner, Sanjay Singh, and his company, Royal Bengal Logistics Inc. The indictment alleges that he tried to raise $112 million from as many as 1,500 investors, according to the SEC, in a “Ponzi-like” scheme involving fraudulent wire transfers and securities violations. In court papers, Singh, 43, is accused of misappropriating at least $14 million from investors for himself and diverting another $19 million of their funds into personal brokerage accounts that lost money.
The Receivers’ initial responsibility will be to work with their court-appointed accounting professionals and other employed professionals in order to evaluate the operations of the business and to formulate a plan to recover assets for ultimate distribution to creditors and investors. In so doing, the Receivers need to determine which assets are actually owned by the company and for those assets that are not, have them returned to the rightful owners.