The ex-advisor who was arrested Sept. 16 at Newark Liberty Worldwide Airport whereas attempting to flee prosecution from defrauding his purchasers out of over $4.3 million was sentenced Thursday to greater than 9 years in jail, in accordance with courtroom paperwork and Rachael S. Rollins, U.S. lawyer for the District of Massachusetts.

Steven Xigoros, 55, of Lowell, Massachusetts, was sentenced in U.S. District Court docket for the District of Massachusetts in Boston by Choose Nathaniel M. Gorton to 109 months in jail, plus two years of supervised launch.

Based mostly on all the fees, he had confronted as much as 25 years in jail, in accordance with Rollins.

He was additionally ordered to pay $4.8 million in restitution to particular person victims and the Inner Income Service and forfeiture of $4.3 million.

In October 2022, Xigoros pleaded responsible to 2 counts of wire fraud, one rely of aggravated id theft and one rely of submitting a false tax return.

Between 2015 and 2021, Xigoros used his place as an advisor, accountant and tax preparer to misappropriate thousands and thousands of {dollars} from his purchasers, Rollins stated Thursday in a information launch.

He satisfied purchasers to entrust their cash with him, to make numerous investments, to buy securities and to lend him cash for purported enterprise ventures, in accordance with the indictment in opposition to him, filed Sept. 21, 2021.