Related Federal Cases
Lowell Money Manager Sentenced to Nearly 9 Years in Prison for Defrauding Clients of Millions
A Lowell man was sentenced today in federal court in Boston for engaging in a scheme to defraud his clients of millions of dollars.
Steven Xigoros, 55, was sentenced by U.S. District Court Judge Nathaniel M. Gorton to 109 months in prison, two years of supervised release, and ordered to pay $4,754,184 in restitution to individual victims and the Internal Revenue Service and forfeiture in the amount of $4,321,106.
Xigoros pleaded guilty in October 2022 to two counts of wire fraud, one count of aggravated identity theft, and one count of filing a false tax return.
Between 2015 and 2021, Xigoros 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.
Xigoros defrauded his clients of more than $4.3 million, including the entire life savings of one elderly couple, who gave more than $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 and owing of more than $1 million to the Internal Revenue Service.
‘For more than five years, Mr. Xigoros used his position to steal millions of dollars from his trusting clients,’ said United States Attorney Rachael S. Rollins.
‘His victims saw him as a reliable, safe investment advisor – he had years of professional experience and many of the victims’ trust as a fellow member of their close-knit Greek community. Eventually, as his gambling debts grew, Mr. Xigoros chose to abuse this trust and rob his clients of more than $4.3 million.’
Xigoros was arrested at the Newark Liberty International Airport, boarding a flight to Greece in an attempt to flee approximately two months before he was set to stand trial.
Key Facts
- State: Massachusetts
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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