The SEC's investigation was conducted by Lindsay Moilanen and Diego Brucculeri of the New York Regional Office, with assistance from Eli Bass of the Division of Examinations. . In addition to a 12-year prison sentence, the ex-IIG head was ordered to serve three years of supervised release. 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. they all need to be considered. 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 IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. 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, the court said. . We and our partners use cookies to Store and/or access information on a device. IIG purported to value the trade finance loans in its funds on a regular basis. Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller are in charge of the prosecution. Using a collateralized loan obligation trust (the CLO Trust) to create liquidity through investments in fraudulent loans. IIG purported to value the trade finance loans in the IIG Funds on a regular basis. 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. An example of data being processed may be a unique identifier stored in a cookie. WebMARTIN 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 maximum In March 2018, IIG reported to the SEC that it had approximately $373 million in assets under management. Asher Martin courtesy of State Attorneys Office. Trending Stories - The biglaw salary scale . 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. U.S. District Judge Alvin Hellerstein issued the sentence against Hu on Monday. All rights reserved. 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). In March 2018, IIG reported to the SEC that it had approximately $373 million in assets under management. 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. According to the information filed against Hu by the Justice Department in 2020, as well as statements made and documents filed inU.S. District Court for the Southern District of New York, Hu and co-conspirator Martin Silver, who founded IIG together in 1994, provided investment management and advisory services through the firm, including for three private funds that it operated: IIG Trade Opportunities Fund, IIG Global Trade Finance Fund, and IIG Structured Trade Finance Fund. Hu did that by: overvaluing distressed loans held by the IIG Funds; falsifying paperwork to create a series of fake loans that were fraudulently classified as positively performing loans; and selling overvalued and fake loans to a collateralized loan obligation trust and new private funds established and advised by IIG, according to the Justice Department. Austin Belcak runs a million-strong network called 'Cultivated Culture' and provides advice on landing the job you really want (as distinct from the one you have presently). 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. Elon Musk's go-to Lawyer. Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller are in charge of the prosecution. According to the allegations contained in the Information and based on statements made in Manhattan federal court: SILVER and a co-conspirator (CC-1) founded IIG in 1994. Todays sentence sends the message that brazen fraud does not pay and will be appropriately punished.. Silver, who cooperated with the SEC, consented to a bifurcated settlement, agreeing to be permanently enjoined from violations of the charged provisions, with monetary relief to be determined by the court at a later date upon motion of the Commission. Audrey Strauss, United States Attorney for the Southern District of New York, announced that MARTIN SILVER, a managing partner and the chief operating officer of the New York-based investment advisory firm International Investment Group (IIG), pled guilty today before U.S. District Judge Alvin K. Hellerstein to investment adviser fraud, securities fraud, and wire fraud offenses in connection with an over $100 million scheme to defraud IIGs investment advisory fund clients and investors. 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. Hus lies caused millions of dollars of losses, he added. State of the US legal market . (212) 637-2600, Human Trafficking & Child Sexual Exploitation, Department of Justice Harassment Prevention Resource. According to the allegations contained in the Information and based on statements made in Manhattan federal court: SILVER and a co-conspirator (CC-1) founded IIG in 1994. A foreign institutional investor provided $70 million as the seed investment for GTFF, and, later, $130 million as the seed investment for STFF. 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 maximum sentence of five years in prison; one count of securities fraud, which carries a maximum sentence of 20 years in prison, and one count of wire fraud, which carries a maximum sentence of 20 years in prison. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive actual notice of this Judgment by personal service or otherwise: (a) Defendant's officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or participation with Defendant or with anyone described in (a). Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller are in charge of the prosecution. In January 2021, Hu pleaded guilty to investment adviser fraud, securities fraud, and wire fraud offenses. Giving back to the community through a variety of venues & initiatives. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain jurisdiction of this matter for the purposes of enforcing the terms of this Judgment. Mr. Williams praised U.S. Attorney Damian Williams said: David Hu shirked his fiduciary responsibilities and defrauded IIG funds and investors for more than a decade. Venus and Jupiter begin the We are The People's Media. May 3, 2016 3:38pm. The court also plans to impose restitution to victims and forfeiture of the proceeds. Silver pleaded guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and is awaiting sentencing. WebMARTIN SILVER, Defendant. Specifically, in or about December 2012, IIG became an investment adviser to an open-ended mutual fund marketed to retail investors (the Retail Fund). Silver begged for mercy ahead of his sentencing in a letter to the judge, saying he was "broken-hearted" he had caused people to lose faith in government. His accomplice, Malvo, was sentenced to life imprisonment without the possibility of parole. IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. Tr. 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. % . Hu mismarked millions of dollars of loan assets, falsified paperwork to create fake loans, sold overvalued and fake loans, used the proceeds from those sales to pay off earlier investors, and falsified paperwork to deceive auditors and avoid scrutiny. Specifically, HU caused the creation of shell entities domiciled in Panama (Panamanian Shell Entities) that were controlled by an IIG nominee. April 13, 2022 HU was a managing partner and the chief investment officer of IIG. Manhattan U.S. Attorney Audrey Strauss said: Today, Martin Silver admitted to participating in a sophisticated, decade-long scheme to defraud IIG funds and investors, abandoning his fiduciary responsibilities to IIGs clients, and causing millions of dollars of losses. 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. Smiley Martin has a criminal history dating back to 2013, including his most recent sentencing in 2018 to 10 years in prison for domestic violence and assault with great bodily injury. Audrey Strauss, United States Attorney for the Southern District of New York, announced that MARTIN SILVER, a managing partner and the chief operating officer of the New York-based investment advisory firm International Investment Group (IIG), pled guilty today before U.S. District Judge Alvin K. Hellerstein to investment adviser fraud, securities fraud, and wire fraud offenses in connection with an over $100 million scheme to defraud IIGs investment advisory fund clients and investors. The night sky in May will be filled with exciting sights. David Hu shirked his fiduciary responsibilities and defrauded IIG funds and investors for more than a decade, Williams said in a news release. HU was a managing partner and the chief investment officer of IIG. 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. HU caused the creation of fake promissory notes and other paperwork to conceal the fraudulent nature of the loans to the Panamanian Shell Entities. From approximately 2007 to 2019, HU 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. CTRL + SPACE for auto-complete. Hu mismarked millions of dollars of loan assets, falsified paperwork to create fake loans, sold overvalued and fake loans, used the proceeds from those sales to pay off earlier investors, and falsified paperwork to deceive auditors and avoid scrutiny. 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. In or about March 2017, HU caused approximately $6 million to be transferred into an account associated with the Argentine Borrower from the account of a different borrower (Borrower-1), and further directed the funds from Borrower-1s account to pay off the debt owed by the Argentine Borrower to the Retail Fund. Legal marketing tips for 2023 . Hus lies caused millions of dollars of losses. Last year, a bunch of companies in the UK tried it out and found that they didnt lose any money using [], Salaries for New Zealand lawyers salary survey conducted by recruitment firm Nicholas Scott shows a slightly higher pay scale for Wellington lawyers over Auckland, with higher minimum levels at the commencement stages, although law firm equity partners shown in the survey have substantially higher annual earnings for Auckland partners compared to their capital counterparts ($285,000+ [], This guy provides the 'Rule of 5' for you to apply to get the job offers that let you actually choose the job you want. Join Facebook to connect with Martin Silver and others you may know. 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. Continue with Recommended Cookies. Convicted at his second trial, Silver was sentenced in 2018 to six and a half years in prison. He began serving his sentence in 2020, despite pleas from his lawyers about his health problems and the COVID-19 pandemic. WebMartin Silver *6170 Citibank may transmit payment electronically to the Commission, which will provide detailed ACH transfer/Fedwire instructions upon request. Both Hu and Silver have also reached settlements with the U.S. Securities and Exchange Commission in parallel Hu co-founded the Manhattan-based International Investment Group (IIG) in 1994. Mr. Williams praised the One St. Andrews Plaza - New York, NY 10007, Nicholas Biase 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. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. This case is being handled by the Offices Securities and Commodities Fraud Task Force. AI and the Legal Industry: Will AI Lead to Robot Lawyers? 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 He was convicted of using his clout in state government to benefit real estate developers, who rewarded Silver by referring lucrative business to his law firm. In or about March 2017, HU caused approximately $6 million to be transferred into an account associated with the Argentine Borrower from the account of a different borrower (Borrower-1), and further directed the funds from Borrower-1s account to pay off the debt owed by the Argentine Borrower to the Retail Fund. In [], Manchester City 'hire 5,000-an-hour lawyer to fight Premier League charges', COLCHESTER, Conn., June 11, 2004 -LAWFUEL Scott + Scott, LLC, a Co, One of the longest running cases to affect the LMX reinsurance spira, 3 October LAWFUEL The Law News Network Ex-NFL star TIMMY SMITH, , June 17, 2004 LAWFUEL Skadden was ranked as the top corporat, Law firms take different approaches to in-office policies about in-office work, 4 Principals That Can Help Lawyers With The 4 Day Work Week. IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. Martin Silver had co-founded investment advisory firm in 1994 Co-conspirator David Hu was sentenced to 12-year term in July The co-founder of an investment According to the Information and based on statements made and documents filed in federal court in this case: HU and co-conspirator MARTIN SILVER founded IIG in 1994. IIGs trade finance loans were purportedly secured by collateral, such as the underlying traded goods, assets held by the borrowers, or expected payments by third parties. As an investment adviser to the Retail Fund, IIG made investment recommendations, including recommendations that the Retail Fund invest in trade finance loans originated by IIG. 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). In March 2018, IIG reported to the SEC that it had about $373 million in assets under management. Mismarking the value of multiple loans that had, in reality, defaulted (the Defaulted Loans). Investments in TOF, STFF, and GTFF were marketed by IIG to institutional investors, such as pension funds, hedge funds, and insurers. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. Share & Print. 27, 2023: Trends Investments Inc. et al. Your article was successfully shared with the contacts you provided.
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