Washington sources have stated that a 44 year old Indian-American former CEO has been charged with two separate fraud schemes that total more than $30 million and he faces a maximum statutory sentence of twenty years in prison for each count.




It was stated that Navin Shankar Subramaniam Xavier, who has been charged by indictment with 15 counts of wire fraud, was CEO of Essex Holdings Inc. The federal prosecutor has alleged that Xavier had used a false financial statement, forged documents, and false promises of fixed rates of return, to induce investors to invest with Essex Holdings.


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The justice department has stated that most of the money was used for purposes other than what was promised, including to support lavish spending by Xavier and his wife for expensive jewelry, luxury vehicles, wedding expenses, and cosmetic surgery.



 

The federal prosecutors have said that as with the investment fraud scheme, Xavier has spent the development money for his personal living expenses, and has wired some of it to the same overseas accounts used in the investment fraud and he faces a maximum statutory sentence of twenty years in prison for each count and a fine up to $250,000.

 


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