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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 .

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