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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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