If you have lost money investing with Ismail Elmas or in I.E. Financial Solutions, you may be able to recovery your losses through FINRA arbitration or securities litigation.
According to FINRA reports, stockbroker Ismail Elmas, was recently barred by FINRA after failing to cooperate with an investigation regarding allegations that allegations that Ismail Elmas converted client funds for personal use and participated in an unauthorized outside business activity. Upon information and belief, Ismail Elmas also operated I.E. Financial Solutions outside of the brokerage firms he was registered with.
In October 2014, Ismail Elmas plead guilty to wire fraud. According to the FBI, From at least 2012 through in or around August 2014, Elmas misappropriated client funds given to him for legitimate investments in his capacity as an investment adviser, and he used those funds for his own purposes by way of his I.E. Financial Solutions bank account at NFCU. Ismail “Ish” Elmas allegedly falsely described I.E. Financial Solutions to clients as various investment vehicles (e.g., a Certificate of Deposit or a Real Estate Investment Trust). For some clients, Ismail Elmas simply transferred the funds to his I.E. Financial Solutions account without providing truthful disclosures about the use and disposition of the funds. As a result of Ismail Elmas’ scheme, more than 10 victims lost between $1 million and $7 million.
Ismail Elmas admitted to having worked as an investment adviser at Apple Financial Services (AFS), an affiliate of Apple Federal Credit Union (AFCU), during the time of his offense. Elmas also was registered with the Financial Industry Regulatory Authority (FINRA) as an investment adviser. Fortunately for victims or investors in I.E. Financial Solutions, because Ismail Elmas was a registered stockbroker, they may be able to recover their losses from the brokerage firm that Ismail Elmas was registered with.
If you are an investor who has suffered losses with Ismail Elmas or I.E. Financial Solutions please contact Kons Law Firm at (860) 920-5181 for a FREE, NO OBLIGATION consultation to discuss your legal rights.
Kons Law Firm represents investors nationwide in securities arbitration and litigation matters. To learn more about the Firm’s securities litigation and FINRA arbitration practice, please visit www.investmentfraudattorneys.com.
