RIVERSIDE – An insurance agent is behind bars following the discovery that he was using clients’ money for personal use California Department of Insurance officials said.
The Riverside County District Attorney’s office arrested Pradeep Singh, 60, a former Riverside licensed insurance agent when they learned that Singh invited his clients to invest in ventures promising 10-12 percent return. Singh then used their money to pay his personal and business expenses and to pay others to keep the Ponzi scheme going. Most of those victimized were seniors from Riverside to West Covina, who eventually reported the issue. Singh admitted to the use of clients’ money for personal use and terminated his insurance company.
Charges Sungh faces include 19 counts of securities fraud and one count of first-degree burglary.
“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.” Singh and his corporation, Pradeepsingh Corporation who was doing business as Secure Vision Associates Insurance Services filed for bankruptcy in August 2014. Listed in the bankruptcy were 58 individuals who loaned Singh and his company over $3.7 million. Singh also admitted to never making investments with his creditors’ funds.
Singh’s bail is set at $716,000 and a bail hold was placed on Singh, which requires the defendant to prove any bail funds were not illegally obtained.
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