Investors who have suffered losses investing with Vincent Thakur Singh or his firms, which include the Perfect Financial Group, Acceptance Capital Mortgage Corporation, or Acceptance Capital may be able to recover their investment losses through FINRA arbitration.

According to an FBI press release, Vincent Singh, formerly of Elk Grove, California, was arrested on Federal investment fraud and bankruptcy fraud charges in Caldwell, Idaho. Vincent Singh is charged in a 24-count indictment, returned by a federal grand jury in Sacramento, with wire fraud, false statements in bankruptcy, and bankruptcy bribery.

The FBI indictment of Vincent Thakur Singh alleges that he carried out an investment fraud through an entity known as the Perfect Financial Group. According to the indictment, Vincent Singh allegedly targeted approximately 190 members of the ethnic Indian Fijian community in an affinity fraud that grossed approximately $20 million. Affinity frauds take advantage of the relationship of members of a community, such as the members of the ethic Indian Fijian that suffered losses investing with Vincent Singh.

Upon information and belief, Vincent Singh told investors that he was a “hard money lender”, and that the money they invested would be used to make commercial loans that would return their principal and as much as 30 percent.

Contrary to these representations, the indictment alleges that Vincent Singh lost as much as $12 million through gambling; diverted more than $2 million to personal bank accounts and withdrew much of that in cash; spent $880,000 on a film project; and spent more than $1 million on other business ventures. Vincent Thakur Singh also used the money to pay other victims, falsely representing that the payments were profits from the short-term hard money lending business. If convicted on these charges, Vincent Singh could face a maximum statutory penalty of 20 years in prison for each count of wire fraud and five years in prison for each count of the bankruptcy crimes.

If you have suffered losses investing with Vincent Singh in Perfect Financial Group, Acceptance Capital Mortgage Corporation, or Acceptance Capital, please contact the firm today for a FREE, NO OBLIGATION CONSULTATION to discuss your recovery options.