Ismail Elmas Pleads Guilty to Wire Fraud
Last Tuesday, October 21, former broker Ismail Elmas pleaded guilty to wire fraud in U.S. District Court in Alexandria. At the plea hearing, he admitted to stealing more than $1 million from investors, many of whom were senior citizens and widows.
Investors entrusted their money to Elmas from 2012 through August 2014. During this time, Elmas admittedly misappropriated their money into his own account, which he named "I.E. Financial Solutions." Investors were not aware that this I.E. Financial Solutions was Elmas' own personal bank account. In some cases, Elmas did not attempt to explain the account to investors. In other cases, he described it as an "investment vehicle."
Because Elmas pleaded guilty to wire fraud, he now faces up to 20 years in prison. His sentencing is set to take place on January 16 of next year.
Other facts about this case –
- Judge Anthony Trenga of the U.S. District Court will preside over Elmas' sentencing hearing
- The Federal Bureau of Investigation's Washington Field Office investigated this case
- Elmas was prosecuted by Chad Golder, Assistant U.S. Attorney
Meyer Wilson has already begun representing victims of Elmas' investment fraud. If you or someone you know invested their money with former broker Ismail Elmas and lost a substantial amount of money, contact an investment fraud attorney at our firm today for a free consultation.
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.
Latest News on Ismail Elmas Investment Fraud
Clients of the former broker hire the investment fraud Meyer Wilson to recover their losses.
Soon after former stockbroker Ismail Elmas was fired by his brokerage firm Cuso Financial Services on July 29, 2014, the investment fraud attorneys at Meyer Wilson began receiving calls from clients of Elmas and Apple Federal Credit Union claiming that Elmas stole their life savings.
Meyer Wilson is now representing clients to recovery their lost investments. The attorneys are currently reviewing the clients' documents and are preparing the legal papers to file either a lawsuit in court or an arbitration claim with the Financial Industry Regulatory Authority.
Investors who believe they may have lost money as a result of investment fraud or misconduct of broker Ismail Elmas may contact the founding partner of the law firm, Attorney David P. Meyer, directly at 614-358-3283, for a free, no-obligation evaluation of their recovery options. All of the firm's cases are handled on a contingency fee and no retainer is requested. The seven attorneys at Meyer Wilson have handled nearly 1,000 investment fraud case over the past 15 years.
The lawyers at Meyer Wilson have extensive experience in representing victims of investment fraud. Here are a few samples of the resources available on the firm's website: