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Indian-American Essex Holdings ex-CEO gets 15 yrs in jail for $33-mn fraud

In a Ponzi-like scheme, the American-Indian duped over a hundred investors

Press Trust of India  |  New York 

A 44-year-old Indian-American has been sentenced to 15 years in prison for duping over 100 investors of $33 million through fraudulent schemes. Navin Shankar Subramaniam Xavier, a resident of Florida, was the former Chief Executive Officer of Essex Holdings, the company through which he carried out two fraud schemes. He raised more than  He was sentenced yesterday to 15 years in prison by US District Judge Darrin Gayles in Miami. The first scheme involved nearly 100 investors who purchased $30 million worth of promissory notes purportedly secured by interests in ...

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First Published: Fri, May 19 2017. 11:57 IST
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