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...

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