El Dorado Hills man charged with fraud against merchant cash advance companies | USAO-EDCA


SACRAMENTO, Calif. — A 10-count indictment was released today against Suneet Singal, 43, of El Dorado Hills, charging him with wire fraud and mail fraud, the attorney said. American Phillip A. Talbert.

According to court documents, between March 2017 and July 2017, Singal engaged in a scheme to make false statements in order to induce finance companies to provide funds to certain companies in the form of cash advances to merchants, who are advances of money in exchange for promises. to repay larger sums of money on future receivables. To get the cash advances, Singal claimed he owned a business that operated a chain of fast food franchises, but he didn’t actually own that business.

This case is the result of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Miriam R. Hinman and Nicholas M. Fogg are prosecuting the case.

If convicted, Singal faces a maximum legal sentence on each count of 20 years in prison and a fine of $250,000 or double the gross gain or gross loss, whichever is greater. Any sentence, however, would be determined at the discretion of the court after considering all applicable statutory factors and the Federal Sentencing Guidelines, which consider a number of variables. Accusations are only allegations; the accused is presumed innocent until proven guilty and unless proven beyond a reasonable doubt.


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