Indian­-American CEO charged with $30­mn fraud

WASHINGTON: An Indian-American former CEO has been charged with two separate fraud schemes totalling more than $30 million and faces a maximum statutory sentence

WASHINGTON: An Indian-American former CEO has been charged with two separate fraud schemes totalling more than $30 million and faces a maximum statutory sentence of 20 years in prison for each count. Navin Shankar Subramaniam Xavier was CEO of Essex Holdings Inc. According to the indictment, Xavier raised more than $29 million from nearly 100 investors by using a false financial statement, forging documents, and falsely promising fixed rates of return to attract investors.

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