FILE - In this May 14, 2013, file photo, the Department of Justice headquarters building in Washington is photographed early in the moing. (AP Photo/J. David Ake, File)
BOSTON – A Lowell man was arrested today in connection with a scheme to allegedly defraud his clients out of their life savings.
Greek-American Steven Xigoros, 54, was indicted on one count of investment adviser fraud, four counts of wire fraud, two counts of aggravated identity theft, two counts of unlawful monetary transactions and one count of filing false tax returns. Xigoros will make an initial appearance in federal court in Boston this afternoon.
The indictment alleges that between 2013 and 2020, Xigoros advised his clients to entrust their money to him to make various investments and to purchase securities. Xigoros then used those funds himself, including to make payments against his gambling debts. In order to deceive his clients about the fact that he had stolen their money, it is alleged that Xigoros made a series of false statements to his clients about where their money was invested and when he would repay it. He also allegedly used one client’s name and Social Security number to open a bank account and wrote a check on that account to another client, knowing the check would bounce. According to the indictment, in total, Xigoros defrauded his clients of approximately $2.1 million.
The charge of investment adviser fraud provides for a sentence of up to five years in prison, three years of supervised release and a fine of up to $250,000 or twice the gross gain or loss, whichever is greater. The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000 or twice the gross gain or loss, whichever is greater. The charge of aggravated identity theft provides for a mandatory sentence of two years in prison to be served consecutively to the sentence imposed for wire fraud, one year of supervised release and a fine of $250,000 or twice the gross gain or loss. The charge of unlawful monetary transactions provides for a sentence of up to 10 years in prison, three years of supervised release and a fine of up to $250,000 or twice the amount of the criminally derived property involved in the financial transaction. The charge of filing false tax returns provides for a sentence of up to three years in prison, one year of supervised release and a fine of up to $250,000 or twice the gross gain or loss, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.
Acting United States Attorney Nathaniel R. Mendell; Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Joleen D. Simpson, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigations in Boston made the announcement today. Assistant U.S. Attorney Sara Miron Bloom of Mendell’s Securities, Financial & Cyber Fraud Unit is prosecuting the case.
The details contained in the charging document are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
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