SEC Bars Two Sales Agents for Roles in $112M Royal Bengal Ponzi Scheme

The U.S. Securities and Exchange Commission has issued final orders barring Broward County, Florida, residents Ricardi Celicourt and Brisly Guillaume from the securities industry for their roles in a massive $112 million Ponzi scheme orchestrated through Royal Bengal Logistics Inc., or RBL.

The latest administrative actions follow a January 2026 final judgment in federal court where both men consented to permanent injunctions for violating registration and broker-dealer provisions of federal securities laws.

As first alleged in a June 2023 complaint and emergency action, Royal Bengal Logistics and its founder, Sanjay Singh, fraudulently raised over $112 million from approximately 1,500 investors. The scheme heavily targeted the Haitian-American community, promising guaranteed returns ranging from 12.5% to as high as 325%. Investors were told their capital would be used to expand a fleet of semi-trucks and trailers, but the SEC alleged the business model was a sham.

Previously reported by AltsWire, Celicourt and Guillaume acted as unregistered brokers between April 2021 and June 2023. During the period when RBL raised roughly $109 million of its total capital, the two agents received substantial transaction-based compensation for their efforts. Guillaume received approximately $787,000; and Celicourt received approximately $517,000.

Combined, the two men took home over $1.3 million in what were described as “bonuses” while selling unregistered investment programs, including truck-lease and trailer sponsorship programs.

Under the terms of the settlement, in which the respondents neither admitted nor denied the findings, the SEC imposed several remedial sanctions. Celicourt and Guillaume are barred from association with any broker, dealer, investment adviser, municipal adviser, or transfer agent. Both men are prohibited from participating in any penny stock offerings, including acting as promoters, finders, or consultants.

According to the commission, any potential future application for reentry into the industry will be subject to strict compliance with its orders and the payment of any court-ordered disgorgement or civil penalties.

The broader investigation into Royal Bengal Logistics involved coordination between the FBI’s Miami Field Office, the U.S. Attorney’s Office for the Southern District of Florida, and the U.S. Department of Transportation’s Office of Inspector General.

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