Florida Trucking Firm Owner Charged with $100M Ponzi Scheme
Sanjay Singh, owner of Royal Bengal Logistics, faces charges for running a $100 million Ponzi scheme. Singh allegedly deceived investors about the profitability of his company.
Sanjay Singh, the owner of Royal Bengal Logistics, a trucking company based in Florida, is charged with running a $100 million Ponzi scheme. According to federal prosecutors, Singh misled investors about the financial health of his company, promising them high returns on their investments. In reality, his company was losing money. The funds collected from new investors were used to pay the earlier ones, the classic sign of a Ponzi scheme. Singh has been indicted and arrested, facing multiple charges such as conspiracy to commit wire fraud and engaging in transactions in unlawful proceeds. He could face up to 150 years in prison if convicted.
Nikola Corporation, once valued at $30 billion and hailed as the future of EV trucking, has filed for Chapter 11 bankruptcy. The companyās stock plummeted 40% today, marking a staggering 99% decline from its 2020 peak of $1,977 per share to just $0.45.
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