| Fred Elm Pled Guilty To
Twitter Fraud Now 85 Months After COVID in MCC
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
SDNY COURTHOUSE,
Sept 25 – 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
took place on September 25,
and Inner City Press again
covered it. Elm spoke at
length, how he got COVID in
the MCC and had his religious
texts seized. He spoke moving
about missing his son. Judge
Ramos said the guidelines were
too harsh and initially
imposed a sentence of 96
months.
After effective
eleventh hour argument about
the eleven months Elm spent in
prison in Canada, the sentence
was reduced to 85 months.
The case is
US v. Elm et al., 16-cr-356
(Ramos).
***
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