A Massachusetts expenditure advisor has pleaded responsible to numerous counts of fraud and other prices following a unsuccessful endeavor to flee the place even though he was awaiting demo.
Steven Xigoros, of Lowell, Mass., is dealing with up to 25 years in jail for defrauding clients of extra than $3.5 million to shell out private fees, which includes gambling money owed, in accordance to the Office of Justice.
Xigoros was indicted in September 2021 when the Justice Section charged him in a lengthy-managing scheme to entice clientele to make investments with him, lying about the securities he reported he would purchase, and making bogus account statements to conceal the theft.
“When the clientele followed Xigoros’ suggestions, he produced several or no investments on their behalf and rather applied the clients’ money himself, which include to make payments from his gambling debts,” the Justice Division mentioned in its indictment.
Xigoros’ attorney, Scott Lauer, a federal general public defender, declined to comment for this write-up.
Last thirty day period, although Xigoros was no cost on pretrial launch, he booked a flight to Athens, and was arrested at the Newark, N.J. airport. His launch disorders only permitted journey within the U.S., in accordance to his arrest warrant.
This 7 days, Xigoros entered a responsible plea for two counts of wire fraud, one particular count of aggravated identity theft, and one particular depend of filing a bogus tax return.
Two of the victims were being an elderly few who experienced invested their lifetime savings—$1.3 million—with Xigoros and misplaced it all, according to the Justice Division.
The identification theft demand stemmed from Xigoros performing as a client’s consultant in the sale of a piece of genuine estate. Underneath the terms of the sale, the customer was to get yearly payments for $400,000 for 5 many years. Xigoros arranged for all those checks to occur to him, not the client, and endorsed at minimum some of them in the client’s name, depositing the money in an account he managed, according to the indictment.
In addition to staying an investment decision advisor, Xigoros was also an accountant and tax preparer.
The Justice Office pointed out that Xigoros did not report the income he stole as revenue and shell out taxes on it, and that he owes the IRS all-around $1.6 million.
Courtroom documents say he was remanded to the custody of the U.S. Marshals Provider immediately after arrest. His sentencing is scheduled for Feb. 23, 2023.
A Massachusetts expenditure advisor has pleaded responsible to numerous counts of fraud and other prices following a unsuccessful endeavor to flee the place even though he was awaiting demo.
Steven Xigoros, of Lowell, Mass., is dealing with up to 25 years in jail for defrauding clients of extra than $3.5 million to shell out private fees, which includes gambling money owed, in accordance to the Office of Justice.
Xigoros was indicted in September 2021 when the Justice Section charged him in a lengthy-managing scheme to entice clientele to make investments with him, lying about the securities he reported he would purchase, and making bogus account statements to conceal the theft.
“When the clientele followed Xigoros’ suggestions, he produced several or no investments on their behalf and rather applied the clients’ money himself, which include to make payments from his gambling debts,” the Justice Division mentioned in its indictment.
Xigoros’ attorney, Scott Lauer, a federal general public defender, declined to comment for this write-up.
Last thirty day period, although Xigoros was no cost on pretrial launch, he booked a flight to Athens, and was arrested at the Newark, N.J. airport. His launch disorders only permitted journey within the U.S., in accordance to his arrest warrant.
This 7 days, Xigoros entered a responsible plea for two counts of wire fraud, one particular count of aggravated identity theft, and one particular depend of filing a bogus tax return.
Two of the victims were being an elderly few who experienced invested their lifetime savings—$1.3 million—with Xigoros and misplaced it all, according to the Justice Division.
The identification theft demand stemmed from Xigoros performing as a client’s consultant in the sale of a piece of genuine estate. Underneath the terms of the sale, the customer was to get yearly payments for $400,000 for 5 many years. Xigoros arranged for all those checks to occur to him, not the client, and endorsed at minimum some of them in the client’s name, depositing the money in an account he managed, according to the indictment.
In addition to staying an investment decision advisor, Xigoros was also an accountant and tax preparer.
The Justice Office pointed out that Xigoros did not report the income he stole as revenue and shell out taxes on it, and that he owes the IRS all-around $1.6 million.
Courtroom documents say he was remanded to the custody of the U.S. Marshals Provider immediately after arrest. His sentencing is scheduled for Feb. 23, 2023.
