United States

Greek American Money Manager Pleads Guilty to Defrauding Clients

BOSTON – A Lowell man pleaded guilty on October 19 to engaging in a scheme to defraud his clients of millions of dollars.

Steven Xigoros, 55, pleaded guilty to two counts of wire fraud, one count of aggravated identity theft, and one count of filing a false tax return.  U.S. District Court Judge Nathaniel M. Gorton scheduled sentencing for Feb. 23, 2023.

Xigoros was indicted by a federal grand jury in September, 2021. Between 2015 and 2021, he used his position as an accountant, tax preparer, and investment advisor to misappropriate millions of dollars from his clients. He induced clients to entrust their money to him to make various investments, to purchase securities, and to lend him money for purported business ventures. Xigoros then used those funds for his own expenses, including to make payments against his gambling debts.

In order to deceive his clients about the fact that he had stolen their money, Xigoros made a series of false statements about how their money was invested and when he would repay it. In total, Xigoros defrauded his clients of more than $3.5 million, including the entire life savings of one elderly couple, who entrusted $1.3 million to him to make investments on their behalf. By failing to report the misappropriated funds as income, Xigoros also failed to pay taxes due, owing approximately $1.16 million to the Internal Revenue Service.

While on pre-trial release, Xigoros was arrested at Newark Liberty International Airport, boarding a flight to Greece in an attempt to flee from prosecution.

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 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 statutes which govern the determination of a sentence in a criminal case.

United States Attorney Rachael S. Rollins; 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. Assistant U.S. Attorneys Leslie Wright and David Holcomb of the Securities, Financial & Cyber Fraud Unit are prosecuting the case.


CHICAGO – The National Hellenic Museum (NHM) presents the Trial of Pericles on Wednesday, April 17, 7 PM, at the Harris Theater, 205 East Randolph Street in Chicago.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


New York Greek Independence Parade Honors 1821 and Grim Anniversary for Cyprus (Vid & Pics)

NEW YORK – The New York Greek Independence Parade on Fifth Avenue, commemorating the 203rd anniversary of the Greek Revolution of 1821, was held in an atmosphere of emotion and pride on April 14.

NICOSIA - Cyprus - home to United Kingdom military bases where fighter jets were used to help defend Israel from an Iranian attack using missiles and drones - has stepped up security on the island amid fears the Middle East conflict could worsen.

A plot of land for sale in Tripoli, Arkadia Prefecture, 268.

ATHENS - Expecting another record year in tourism to surpass the numbers in 2023 in arrivals and revenues, Greece’s infrastructure - particularly on overwhelmed islands - isn’t adequate to deal with the demands even as more resorts keep opening.

For years, Israel and Iran have been engaged in a silent struggle of mutual annihilation.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.