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Silver This Legal Leader Thinks So, 10 Steps for Lawyers to Streamline their BD Process, Best Trusts and Estates Law Firms: Top Picks for Your Legal Needs. In offering memoranda and communications with investors, IIG advertised strict risk controls, such as promises to use diligence to carefully select borrowers or issuers with trusted management and marketable assets, and portfolio concentration limits based on borrower, developing country, and industry. In addition to the prison sentence, HU, 64, of West Orange, New Jersey, was ordered to serve three years of supervised release. In addition to the prison sentence, HU, 64, of West Orange, New Jersey, was ordered to serve three years of supervised release. That parallel case was stayed since Sept. 21, 2020, until the conclusion of the Justice Department criminal case. Victoria Bosah Asher Martin courtesy of State Attorneys Office. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. . Subscribe to Justia's Free Newsletters featuring summaries of federal and state court opinions. The court also announced that it would impose restitution to victims and forfeiture of the proceeds of the offenses, with the amounts to be determined at a later date, the release noted. To further conceal the fraudulent nature of the New Loan, HU caused the creation of forged documents to make it appear as though the New Loan was a legitimate loan to the Argentine Borrower. To replace the funds from Borrower-1s account that were used to make it appear as though the Argentine Borrower had repaid its debt to the Retail Fund, HU fraudulently induced the Retail Fund to invest in a new, fake $6 million loan to the Argentine Borrower (the New Loan). IIG, an SEC-registered investment adviser, provided investment management and advisory services, including for three private funds that it operated: (1) the IIG Trade Opportunities Fund N.V. (TOF); (2) the IIG Global Trade Finance Fund, Ltd. (GTFF); and (3) the IIG Structured Trade Finance Fund, Ltd. (STFF). The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. In this way, sentencing is a true partnership between the principles, which guide the judge, and the judges own sense of justice as see through the factual, legal and societal lens. WebSilver pled guilty in April 2021. A Florida man is facing life in prison after a jury took less than 15 minutes to find him guilty of murder and arson following a three-day trial. Silver sentencing Silver officially opposed the relocation of a methadone clinic that was proposed to be located close to one of Glenwood's rental buildings in Silver's district. . If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. Mismarking multiple loans that were distressed (the Distressed Loans). Finally, under the guise of the fake loan transactions with the Panamanian Shell Entities, the CLO Trust disbursed funds that HU diverted to TOF in order to pay off TOFs various debts and obligations. 2023 USA Herald, LLC. Silver Making sure that victims of federal crimes are treated with compassion, fairness and respect. Using the CLO Trust and Panamanian shell entities to cover up losses. IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. Martin Silver USA Herald covers everything from breaking news to investigative journalism. Authorities said IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. In addition to the 12 years of prison time, the judge also ordered Hu to serve three years of supervised release. Mr. Williams praised the investigative work of the FBI and also thanked the U.S. Securities and Exchange Commission for its assistance. Specifically, in or about December 2012, IIG became an investment adviser to an open-ended mutual fund marketed to retail investors (the Retail Fund). a};@_5,}V$dYOKl'[>r. HU then directed that the proceeds from the fraudulently induced New Loan be transferred into Borrower-1s account, effectively reimbursing the account for the earlier $6 million transfer to the Retail Fund. IIG, an SEC-registered investment adviser, provided investment management and advisory services, including for three private funds that it operated: (1) the IIG Trade Opportunities Fund N.V. (TOF); (2) the IIG Global Trade Finance Fund, Ltd. (GTFF); and (3) the IIG Structured Trade Finance Fund, Ltd. (STFF). The U.S. Department of Justice (DoJ) announced that Martin Silver, former managing partner and chief operating officer at New Yorks International Investment An example of data being processed may be a unique identifier stored in a cookie. Sentencing to the Starting Point: The Alberta Debate My Office remains committed to policing investment advisers who seek to take advantage of their clients for personal and professional gain.. IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. 27, 2023: Trends Investments Inc. et al. Updated. Mismarking multiple loans that were distressed (the Distressed Loans). Giving back to the community through a variety of venues & initiatives. These Distressed Loans included, for example, loans for which the borrowers had missed multiple scheduled payments. IIGs purported expertise was in trade finance loans to borrowers located in Central or South America, and in a variety of industries, with a stated focus on soft commodities, such as coffee, agriculture, fishing, and other food products. Log in to keep reading or access research tools. In April 2021, Silver also pleaded guilty to investment advisor fraud, securities fraud and wire fraud offenses. Creating fictitious loans in order to hide the losses resulting from the Defaulted Loans, including from auditors reviewing TOFs financials, by removing the Defaulted Loans from the TOF portfolio and replacing them with tens of millions of dollars in fictitious loans to purported borrowers in foreign countries (the Fake Loans). Ex-Head of RIA Sentenced to 12 Years in Prison Over $120M Scam U.S. District Judge Alvin K. Hellerstein announced todays sentence, which will be formally imposed following the conclusion of forfeiture and restitution proceedings in the case. Both Hu and Silver have also reached settlements with the U.S. Securities and Exchange Commission in parallel This case is being handled by the Offices Securities and Commodities Fraud Task Force. IIG and, in turn, HU, received a performance fee with respect to the IIG Funds, as well as a management fee, which was calculated as a percentage of the assets under management held in the Funds. HU pled guilty in January 2021 to investment adviser fraud, securities fraud, and wire fraud offenses. Trade finance loans are used by small and medium-sized companies, typically exporters and importers, to facilitate international trade. Former Head Of N.Y. Advisor Sentenced To 12 Years In IIG, an SEC-registered investment adviser, provided investment management and advisory services, including for three private funds that it operated: (1) the IIG Trade Opportunities Fund N.V. (TOF), (2) the IIG Global Trade Finance Fund, Ltd. (GTFF), and (3) the IIG Structured Trade Finance Fund, Ltd. (STFF). They overvalued portfolio assets and replaced non-performing assets with fictitious loans that were reported as if they were legitimate performing assets, among other deceptions. In or about February 2017, a borrower (the Argentine Borrower) had failed to pay the principal on an approximately $6 million loan (Loan-1) in which the Retail Fund had invested and which was nearing its maturity date. In March 2018, IIG reported to the SEC that it had approximately $373 million in assets under management. MARTIN SILVER, 63, of New Jersey, pled guilty to one count of conspiracy to commit investment adviser fraud, securities fraud, and wire fraud, which carries a Damian Williams, United States Attorney for the Southern District of New York, announced that DAVID HU, former managing partner and chief investment officer of the Manhattan-based investment advisory firm International Investment Group (IIG), was sentenced today to 12 years in prison for his role in an over $120 million scheme to defraud IIGs clients and investors. 1700-05, 1932-43; GX 1522. David Hu, who had co-founded SEC-registered, Manhattan-based International Investment Group, pleaded guilty in January 2021 to investment advisor fraud, securities fraud and wire fraud offenses. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. 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IIG also advised the Venezuela Recovery Fund (VRF), a fund that managed the remaining assets of a failed Venezuelan bank (VRF, together with TOF, GTFF, and STFF, the IIG Funds). The Feb. 1 judgment resolved all the issues in this action, except the Commissions claims for monetary relief against Hu, the documents said. To further conceal the fraudulent nature of the New Loan, HU caused the creation of forged documents to make it appear as though the New Loan was a legitimate loan to the Argentine Borrower. Please click here for further information. SILVER was a managing partner and the chief operating officer of IIG. The co-founder of an investment advisory firm based in New York was sentenced Wednesday to 13 months behind bars for stealing more than $100 million from clients in a Ponzi-like scheme. From approximately 2007 to 2019, SILVER conspired to defraud investors in IIG-managed funds by: (i) overvaluing distressed loans held by the IIG Funds, (ii) falsifying paperwork to create a series of fake loans that were classified, fraudulently, as positively performing loans, and to otherwise hide losses, (iii) selling overvalued and fake loans to a collateralized loan obligation trust and new private funds established and advised by IIG, and (iv) using the proceeds from those fraudulent sales to generate liquidity required to pay off earlier investors in a Ponzi-like manner. VIII. FINAL JUDGMENT AS TO DEFENDANT David Hu, the former managing partner of International Investment Group (IIG) was sentenced to 12 years in prison for his role in defrauding investors of more than $120 million in a Ponzi-like scheme.

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