Xavier’s restitution hearing is scheduled for July 14
U.S. District Court Judge Darrin P. Gayles of the Southern District of Florida has announced 15 years imprisonment for the Indian American businessman Navin Xavier for committing frauds to the tune of more than $33 million.
The 44-year-old Navin Shankar Subramanian Xavier, of Miramar, pleaded guilty on January 13, for two counts of wire fraud and his restitution hearing is scheduled for July 14.
According to the judgement, Xavier operated Miami Gardens-based Essex Holdings from 2010 to 2014. The first scheme involved nearly 100 investors who purportedly purchased interests in sugar transportation and iron ore mining in Chile. The second scheme involved unlawful obtaining economic development funds from the State of South Carolina, according to the Justice Department.
Xavier provided false financial documentation to entice investors to put money in Essex Holdings. Thereafter, he provided fake contractor invoices and spurious bank statements in order to get paid under the contract. As with the investment fraud scheme, Xavier spent the development money for his personal living expenses, and wired some of it to the same overseas accounts used in the investment fraud.
He also used new investor’s money to pay old investors in a Ponzi-like fashion before the scheme collapsed.
Benjamine G. Greenberg, Acting United States Attorney for the Southern District of Florida commended the investigative efforts of the FBI, the Miami Regional Office of the US Securities and Exchange Commission and the South Carolina Office of Inspector General, for assisting with this matter.