Vienna Investment Adviser Pleads Guilty to Defrauding Clients

A Vienna man has pleaded guilty to defrauding clients out of more than $1 million that he was expected to invest on their behalf.

Ismail Elmas, 49, faces a maximum penalty of 20 years in prison. He’ll be sentenced on Jan. 16, 2015.

According to the U.S. Attorney’s Office, Elmas worked as an investment adviser at Apple Financial Services while operating a bank account in the name of “I.E. Financial Solutions.” Elmas admitted to putting client funds in this account and, instead of investing the money, using it for his own purposes.

The Washington Post spoke with several victims in the scheme, including Fairfax area resident Celia Johnston, who gave Elmas $60,000 of her money to invest.

“I trusted him, completely, totally,” Johnston told the Post.

Alexander Orr, 90, of Herndon gave Elmas $32,000 to invest. “Turns out,” Orr said, “he didn’t do it.”

Read more of The Washington Post report.