Last Tuesday, October 21, former broker Ismail Elmas pleaded guilty to wire fraud in U.S. District Court in Alexandria. At the plea hearing, he admitted to stealing more than $1 million from investors, many of whom were senior citizens and widows.
Investors entrusted their money to Elmas from 2012 through August 2014. During this time, Elmas admittedly misappropriated their money into his own account, which he named "I.E. Financial Solutions." Investors were not aware that this I.E. Financial Solutions was Elmas' own personal bank account. In some cases, Elmas did not attempt to explain the account to investors. In other cases, he described it as an "investment vehicle."
Because Elmas pleaded guilty to wire fraud, he now faces up to 20 years in prison. His sentencing is set to take place on January 16 of next year.
Other facts about this case –
- Judge Anthony Trenga of the U.S. District Court will preside over Elmas' sentencing hearing
- The Federal Bureau of Investigation's Washington Field Office investigated this case
- Elmas was prosecuted by Chad Golder, Assistant U.S. Attorney
Meyer Wilson has already begun representing victims of Elmas' investment fraud. If you or someone you know invested their money with former broker Ismail Elmas and lost a substantial amount of money, contact an investment fraud attorney at our firm today for a free consultation.