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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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