Former Investment Exec Cops To $18M Pre-IPO Fraud Scheme

Law360 (May 4, 2020, 8:12 PM EDT) -- A former investment firm executive pled guilty to securities fraud Monday for his role in duping at least 50 investors out of $18 million by promising to invest the funds in privately held technology companies ahead of their initial public offerings, federal prosecutors said.

Ahmad Naqvi, the ex-chief operating officer of Elm Tree Investment Advisors LLC, admitted in New York federal court to bilking investors who thought they were getting exposure to private shares of hot tech companies like Twitter Inc., Uber Technologies Inc. and Pinterest Inc. prior to their IPOs, prosecutors said.

"In fact, the funds never invested in these...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!