Ismail ElmasTo celebrate the opening of a new branch in May 2014, the $2 billion Apple Federal Credit Union in Fairfax, Va. produced life-size posters of its investment advisers, including Ismail Elmas, with a caption that read, “Advice you can trust.”

By July, however, the credit union removed Elmas’poster and fired him after an audit revealed his fraud scheme that bilked millions of dollars from 20 Apple FCU members.

On Friday, U.S. District Court Judge Anthony J. Trenga in Alexandria, Va. sentenced the 50-year-old Elmas to 10 and a half years in federal prison and two years of supervised release. Judge Trenga also ordered Elmas to pay $2.97 million in restitution.  He pleaded guilty to one count of wire fraud in October.

In addition to working as an investment advisor at Apple FCU, Federal prosecutors also revealed Elmas worked as a financial adviser for the $443 million Naval Research Lab Federal Credit Union in Alexandria and for Raymond James Financial Services, where he also carried out his scheme, according to federal prosecutors.

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Peter Strozniak


Credit Union Times

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