Ismail Elmas—Fraud, Misappropriation of Funds
Investment 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.