Inland Empire man accused of multi-million dollar Southland Ponzi scheme
Riverside area insurance agent arrested on multiple counts of securities fraud
RIVERSIDE, CA — Pradeep Singh, 60, of Riverside, was arrested and charged with 19 counts of securities fraud and one count of first degree burglary for allegedly bilking 14 Southland residents from Riverside to West Covina in a Ponzi scheme. Singh’s bail hearing is at 8:30 a.m. today in Riverside County Superior Court, Department 63. Singh’s bail is set at $716,000. A bail hold was placed on Singh, which requires the defendant prove any bail funds were not obtained illegally.
”Singh’s alleged Ponzi scheme and violation of his fiduciary responsibility is reprehensible,” said Insurance Commissioner Dave Jones. “I have zero tolerance for agents who betray their clients’ trust to line their own pockets.”
Responding to complaints from a handful of seniors, Singh’s association with an insurance company was terminated after he admitted to using clients’ money for his personal use. The Riverside County District Attorney’s team was instrumental in this investigation and is prosecuting the case.
Investigators from the Riverside County District Attorney’s office arrested Singh after their investigation revealed that Singh, a former licensed insurance agent, invited his insurance and annuity clients to invest in various ventures promising 10-12 percent return, but appeared to use their money to pay his personal and business expenses, and to pay interest to other investors to keep the Ponzi scheme going.
Singh and his corporation, Pradeepsingh Corporation dba Secure Vision Associates Insurance Services, filed for bankruptcy in August 2014 and listed 58 individuals as creditors who loaned Singh and his company more than $3.7 million. During a bankruptcy deposition, Singh admitted he never made any investments with his creditors’ funds.