Ismail Elmas—Fraud, Misappropriation of Funds

Investment fraud lawyersInvestment Advisor Ismail Elmas, of Vienna, Virginia, Stole More than $3 Million, Sentenced to 126 Months in Prison

Ismail Elmas, an investment advisor from Vienna, Virginia, has recently been sentenced to 126 months in prison after the former credit union employee reportedly stole more than $3 million from his clients, according to the FBI.

Elmas, formerly employed by the Naval Research Lab Federal Credit Union, Raymond James Financial Services, and Apple Federal Credit Union, reportedly defrauded his own investment advisory clients, a majority of whom were elderly, and who had put more than $3 million of their retirement savings in the hands of Elmas, according to an FBI news release.

Ismail Elmas Misappropriated Client Funds, Ordered to Pay More than $2.97 Million in Restitution

Elmas, who has been ordered to pay more than $2.97 million in restitution to former clients, would reportedly misappropriate client funds given to him for legitimate investments, and then turn around and use those funds for himself by way of an account at Navy Federal Credit Union in the name of “I.E. Financial Solutions,” according to the FBI news release.

Elmas, who worked as an investment advisor from early 2008 through approximately mid-2014, misappropriated said client funds in a variety of ways, the FBI said. For example, Elmas reportedly always materially withheld the fact that I.E. Financial Solutions was his own enterprise—not a separate, independent investment vehicle.

The FBI further alleges that for other clients, Elmas falsely described I.E. Financial Solutions as a particular type of investment (e.g., a Certificate of Deposit or a Real Estate Investment Trust), when  reality shows that it was simply the name associated with a bank account that he operated.

The Peiffer Rosca Wolf Investor Rights Attorneys Often Represent Investors

The Peiffer Rosca Wolf investor rights attorneys often represent investors who lose money as a result of investment misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment misconduct may contact the investor rights attorneys at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1252 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.