BOSTON — A Lowell man who used his place as an accountant, tax preparer and funding advisor to defraud his shoppers out of hundreds of thousands of {dollars} — together with the life financial savings of an aged Tewksbury couple — was sentenced in federal court docket on Thursday to greater than 9 years in jail.
As a part of his sentence, Steven Xigoros, 55, was additionally ordered to pay practically $4.8 million in restitution to the victims and the Internal Revenue Service, and forfeit roughly $4.3 million, based on U.S. Attorney Rachael Rollins’ workplace.
Joseph Bonavolonta, particular agent in control of the FBI’s Boston Division, revealed the funds pilfered by Xigoros have been used primarily to fulfill his playing behavior.
“Steven Xigoros stole millions from his long-time clients, betraying their trust, and cheating taxpayers, primarily to pay off his gambling debts,” Bonavolonta mentioned. “Equally troubling is that he took advantage of some of those closest to him, including wiping out an elderly couple’s entire life savings.”
An indictment filed in federal court docket states Xigoros — who did enterprise underneath numerous firm names, together with AA Credited Financial Wealth Management, AACredited Financial Inc. and Econox Group LLC — dedicated the crimes from round 2015 to 2021.
The indictment states he induced shoppers to entrust their cash to him so as to make numerous investments, to buy securities and to lend him cash for purported enterprise ventures.
“His victims saw him as a reliable, safe investment advisor,” Rollins mentioned. “He had years of professional experience and many of the victims’ trust as a fellow member of their close-knit Greek community.”
As a part of the scheme, the indictment states Xigoros prompted an older married couple to switch the vast majority of their life financial savings to him so he might make investments the cash on their behalf. The $1.3 million, which the indictment states “came from more than 50 years of work” by the Tewksbury couple, was not invested, however siphoned away for Xigoros’ personal profit.
The indictment states when victims requested about their investments or requested to withdraw funds, Xigoros made false excuses and claims as to why he couldn’t hand over the cash. On different events, the indictment states he would insist he had despatched them funds or claimed he had made makes an attempt to take action.
In order to hide the stolen cash, the indictment states Xigoros created faux account statements that claimed to replicate investments he had made on their behalf in numerous inventory and bond funds.
In complete, Xigoros defrauded his shoppers of greater than $4.3 million.
“The financial hardship, trauma and shame inflicted as a result of Mr. Xigoros’s fraud cannot be overstated,” Rollins mentioned. “In some circumstance it may last a lifetime and have generational impacts.”
By failing to report the misappropriated funds as earnings, the indictment states Xigoros additionally didn’t pay roughly $1.16 million owed to the IRS.
Xigoros was indicted by a federal grand jury in September 2021.
In an act of desperation, Rollins’s workplace states whereas Xigoros was out on pretrial launch, he was arrested on the Newark Liberty International Airport, in Newark, New Jersey, as he boarded a flight to Greece in an try and flee the nation roughly two months earlier than he was scheduled to face trial.
Rather than go to trial, Xigoros pleaded responsible in October to 2 counts of wire fraud, aggravated id theft and submitting a false tax return. Had he been convicted at trial, the fees carried a possible sentence of greater than 20 years behind bars.
Xigoros’ legal professional, Scott Lauer, mentioned he was unable to remark concerning the case.
Follow Aaron Curtis on Twitter @aselahcurtis
Source: www.bostonherald.com”