Ex-CEO Charged in $30 Million Fraud Scheme

A Florida executive, Navin Xavier, was charged for his role in two fraud schemes which cost 100 investors more than $30 million. Xavier was the former CEO of Essex Holdings and convinced investors to purchase interests in sugar transportation and iron ore mining in Chile, and another involving economic development funds in South Carolina. He was charged with 15 counts of wire fraud. He ran the scheme from September 2010 until May 2014 while operating Essex Holdings. Eventually, the scam turned into a ponzi scheme. Xavier also used forged documents and false promises when soliciting investments, and spent the money on jewelry, luxury vehicles and cosmetic surgery. Xavier used Essex to secure $1.2 million in funds and about $1.5 million in commercial real estate from the South Carolina Coordinating Council for Economic Development. He was supposed to develop an older industrial property into a diaper plant and rice packaging facility. Instead, Xavier spent that money on personal expenses as well.

CNBC
FOX Business
The Wall Street Journal
Bloomberg
CBS
FOX News Channel
USA Today
abc NEWS
DATELINE
npr
Contact Information