Lowell Man Who Defrauded Tewksbury Couple Gets 9 Years In Jail

BOSTON, MA — A Lowell man who worked as a financial advisor has been sentenced to 109 months in federal prison after he engaged in a scheme to defraud his clients out of millions of dollars, according to the U.S. Attorney's Office of Massachusetts.

Among the victims, according to the Boston Herald, was an elderly Tewksbury couple who lost their "entire life savings" of $1.3 million.

Steven Xigoros, 55, pleaded guilty last October to two counts of wire fraud, one count of aggravated identity theft and one count of filing a false tax return.

In addition to the prison sentence, Xigoros was sentenced to two years of supervised release, and he was ordered to pay $4.8 million in restitution to individual victims and the Internal Revenue Service and to forfeit $4.3 million, authorities said.

According to court records, between 2015 and 2021, Xigoros used his position as an accountant, tax preparer and investment advisor to misappropriate millions of dollars from his clients.

Authorities said Xigoros' clients believed their money was being used to make investments, purchase securities and go toward business ventures. But Xigoros used the funds for his own expenses, including to make payments on gambling debts.

In total, Xigoros defrauded his clients of more than $4.3 million, according to court records.

Included in that total, was the life savings of the Tewksbury couple. According to the indictment, the couple gave Xigoros more than $1.3 million to invest, which the couple had accumulated over 50 years of work.

"For more than five years, Mr. Xigoros used his position to steal millions of dollars from his trusting clients. 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," said U.S. Attorney Rachel Rollins.

Rollins continued: "Eventually, as his gambling debts grew, Mr. Xigoros chose to abuse this trust and rob his clients of more than $4.3 million. The financial hardship, trauma and shame inflicted as a result of Mr. Xigoros' fraud cannot be overstated. In some circumstances, it may last a lifetime and have generational impacts."

Authorities also said that by failing to report the misappropriated funds as income, Xigoros failed to pay taxes due and owing of more than $1 million to the IRS.

Additionally, authorities said that while Xigoros was on pre-trial release, the FBI was forced to re-arrest him after Xigoros tried to flee the county to avoid prosecution. According to court records, Xigoros was arrested at Newark Liberty International Airport boarding a flight to Greece.

Xigoros was indicted in Sept. 2021.