MILWAUKEE (AP) — Federal prosecutors have charged the CEO of a Milwaukee fuel company with wire fraud.
According to court documents filed Wednesday in the Eastern District of Wisconsin, Blessing Egbon, CEO and founder of Exit 7c, Inc., bilked investors out of $6 million between August 2018 and and July 2020 by exaggerating the company's profits, sales volume, growth and overall financial performance.
He allegedly used the money to visit luxury nightclubs, fly on private jets and rent villas.
Court documents filed Thursday show he has agreed to plead guilty to three counts of wire fraud.
He also faces a civil lawsuit brought by the U.S. Securities and Exchange Commission. That action was filed in August.