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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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