The former head of Florida-based Elm Tree Investment Advisors LLC has pleaded guilty to leading a fraudulent technology investment scheme that bilked investors out of more than $18 million, some of which he used to buy a Bentley and Maserati for himself.
Fred Elm, 51, pleaded guilty to conspiracy and securities fraud on Friday before U.S. District Judge Edgardo Ramos in Manhattan. The charges carry maximum sentences of 5 and 20 years in prison, respectively. Elm is scheduled to be sentenced on Aug. 7.
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