vincent singh Mortage/Investment Fraud Elk Grove, California
We invested nearly $1 million dollars with Vincent Singh over a 3 year period of time for what he described as hard money loan, for bridge loans on commercial property. We were promised a return on investment of at least 10% with no risk. The initial investment was from refinancing our homes and additional funds were rollover of interest earned on investments. Vincent said he would, guaranteed the investment with his own personal funds. If we needed the money back, we would need to give him 2 weeks and he would return the funds to us.
In July 2010 he stopped paying us and told us that his accounts were frozen and that he was being investigated by the FBI. He assured us that we would start receiving payments in August when everything cleared. On August 27th we received notification of the chapter 7 filing which is where we saw that Vincent owed over $million dollars in unsecured debt to over 200 individuals.
During the months of June and August he stilled contacted various people asking if they wanted to invest additional funds with as much as 40% returns. Vincent is a very persuasive conman as between the months of June through August was when he was filing his chapter 7 paperwork. He took money from investors which include the elderly, retired families, low to medium income including his own blood relatives with NO intention of paying back the money prior to, during and subsequent to filing bankruptcy. The fact that he took additional funds during the months of his bankruptcy filing, then subsequently denying that he had any money to pay back investors during court proceeding is just one example of Vincent's true character.
Vincent lied about being audited by the IRS and being investigated by the FBI as way to buy time to hide fund.
The funds he obtained from investors was not invested as originally promised. Instead, Vincent Singh used the funds to fund his lavish lifestyle which includes multiple luxury cars and homes.
Stay away from Vincent Singh and any of his promised business ventures.