| In SDNY Naqvi Pled Guilty To
$18M Fraud Now Time Served With Free Federal
Defender
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
SDNY COURTHOUSE,
June 29 – There was a change
of plea listed on May 4, 2020
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.
Same
on June 29, when Naqvi was up
for sentencing. Inner City
Press also covered it. Naqvi
had his Federal Defender, who
asked to stay on the call
after and confer with her
client. Judge Ramos gave Naqvi
time served and ordered him to
comply with Immigration. And
on June 29 in the docket,
"Order of Judicial Removal..
to Canada," signed by Judge
Edgardo Ramos on 06/29/20."
Earlier,
from Geoffrey S. Berman, then
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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