| In SDNY Naqvi Plead Guilty
To $18M Fraud Citing Alibaba With Free Federal
Defender
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
SDNY COURTHOUSE,
May 4 – There was a change of
plea listed on May 4 before
Judge Edgardo Ramos of the
U.S. District Court for the
Southern District of New York,
for Ahmad Naqvi, charged with
a $18 million fraud. Inner
City Press covered it.
Judge
Ramos was accepting when the
proceeding was delayed, saying
this is his second one but
that the first, after some
problems with audio and video,
worked.
Naqvi was represented free by
the publicly funded Federal
Defenders.
From the Geoffrey
S. Berman, the United States
Attorney for the Southern
District of New York,
announced today that AHMAD
NAQVI, the chief operating
officer of Elm Tree Investment
Advisors LLC (“ETIA”), 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
NAQVI and Fred Elm, a/k/a
“Frederic Elmaleh,” the
founder and manager.
Among other illicit activity,
Elm and NAQVI fraudulently
induced more than 50 investors
to invest over $18 million
based on the false
representation that Elm and
NAQVI would invest that money,
through the funds, in the
shares of privately held
technology companies, like
Twitter, Alibaba, Uber, and
Square, before their initial
public offerings."
But why was he
represented free? The case is
US v. Naqvi, 16-cr-356
(Ramos).
***
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