Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Broker Ismail Elmas Pleads Guilty to Wire Fraud

Ismail Elmas, the former broker from Virginia, is now the topic of a story in The Washington Post. In the latest development of this case, as of October 21, Elmas has pleaded guilty to wire fraud for stealing $1-7 million from investors.

Meyer Wilson has already begun to represent some of Elmas' former clients. Elmas worked for CUSO Financial Services, the brokerage firm Apple Federal Credit Union uses to sell investments to its customers. According to the federal prosecutor assigned to the case, Elmas preyed on the vulnerable, particularly elderly and widowed clients.

Particularly disturbing about this case is that it didn't follow the usual telltale signs if a scam, making it difficult to detect. Unlike most investment schemes, this one:

  • Did not guarantee excessive returns
  • Did not involve complex investments that investors could not understand
  • Victimized employees who worked for the Fairfax County public school system, the same place the founders of Apple Federal Credit Union were employed

According to David Barger, Elmas's attorney, Elmas was cooperating with investigators to make sure that all of the victims' losses were identified and that everyone are repaid.

There is at least one report of Elmas asking one of his clients to deposit money into a Certificate of Deposit called "I.E. Financial Solutions" which was actually just a name for one of Elmas' bank accounts.

This case is being handled in the federal court in Alexandria. Stay tuned for more news and updates as the case progresses.

If you invested your money with Virginia stockbroker Ismail Elmas of CUSO Financial Services / Apple Federal Credit Union and you lost a substantial amount of money, contact investment fraud attorney David Meyer of Meyer Wilson today. Our law firm has laid much of the groundwork for this case because we are representing some of Elmas' victims already. Call us today to discuss your case.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram