United States Attorney Richard G. Frohling announced that on February 2, 2022, an information was filed in federal court in Milwaukee, charging Blessing Egbon with wire fraud.
According to documents filed in court, Egbon was the Chief Executive Officer and Chairman of the Board of Directors of Exit 7c, Inc., a Milwaukee-headquartered company in the business of selling both bulk fuel and onsite fuel and maintenance services to transportation companies. The documents allege that by no later than August of 2018, Egbon had devised and was executing a fraud scheme in which he repeatedly made materially false and fraudulent statements and representations to actual and potential investors as to (1) his background, experience, and qualifications; (2) the performance and financial health of Exit 7c; and (3) how investor money would be used. The court documents allege that Egbon obtained a total of more than $6 million from investors and used the fraudulently obtained funds largely for personal purposes, including visits to luxury nightclubs, flights on private chartered jets, villa rentals, and payments to himself.
The Federal Bureau of Investigation’s Wisconsin office is investigating this case, which is being prosecuted by Assistant United States Attorney Gregory J. Haanstad.
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