Elm Tree Investment Executives Charged With $17 Million Scam

Fred Elm the founder and manager of Elm Tree Investment Advisors LLC, and Ahmad Naqvi, the firm’s chief operating officer, were charged in a $17 million fraud scheme, Manhattan U.S. Attorney Preet Bharara said.

The two are accused of fraudulently inducing more than 50 investors to put in more than $17 million based on false representations that the funds would be put into privately held companies like Twitter Inc., Alibaba Group Holding Ltd. and Uber Technologies Inc., according to the U.S.

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