| Fred Elm After Extradition
From Canada Pleads Guilty To Twitter and
Alibaba Fraud
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
SDNY COURTHOUSE,
May 15 – After an
extradition from Canada, in
the late morning of May 15 the
US Attorney for the Southern
District of New York,
announced that Fred Elm "a/k/a
'Frederic Elmaleh,' the
founder and manager of Elm
Tree Investment Advisors LLC
pled guilty before U.S.
District Judge Edgardo Ramos
to securities fraud charges
stemming from his role in a
scheme to defraud investors in
multiple investment funds
created and controlled by Elm
and Ahmad Naqvi, ETIA’s chief
operating officer." Inner City
had live tweeted the 9 am
proceeding.
Assistant US Attorney Joshua
Naftalis ran through the
elements of conspiracy to
commit securities fraud. Elm
a/k/a Elmaleh falsely raised
$18 million saying he'd invest
it in Twitter, Alibaba, Uber
& Square, before their
IPOs. Naftalis said, "No such
investments were made... Mr
Elm embezzled the majority of
the money."
Judge Ramos runs through the
possible penalties then asked,
Are you a U.S. citizen?
Elmaleh said, I am a permanent
resident.... He had mentioned
university in Canada.
Judge Ramos asked, Do you
understand that you will in
all probability be deported?
Elm said
yes.
Judge Ramos concluded, I have
been provided with a six page
letter... I accept your guilty
plea. Sentencing will be Aug 7
at 11 am.
Judge Ramos said,
"I believe that will be in the
courtroom." Inner City Press
will be there. The case
is US v. Elm et al.,
16-cr-356 (Ramos).
***
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