There was an error logging in. Investments in TOF, STFF, and GTFF were marketed by IIG to institutional investors, such as pension funds, hedge funds, and insurers. IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. 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. Todays sentence sends the message that brazen fraud does not pay and will be appropriately punished.. 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. % IIG, it said, touted its risk control strategies and its robust credit review process for borrower. IIG and, in turn, SILVER, 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. Trending Stories - The biglaw salary scale . Inducing a retail mutual fund to invest in a fictitious $6 million loan. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. 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. WebView the profiles of people named Martin Silver. _2J++IWLWbh?gQ?}^\u{MbAJ VIII. 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 Private Foundations VS Donor-Advised Funds, Valuation, Fundamentals, Momentum: The Case for Mid-Cap Value Stocks. IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. 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. . Generating liquidity by selling fraudulent loans to two new private IIG managed funds: GTFF and STFF. The court also plans to impose restitution to victims and forfeiture of the proceeds. 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One St. Andrews Plaza - New York, NY 10007, Nicholas Biase 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). Former Assembly Speaker Sheldon Silver was My Office remains committed to policing investment advisers who seek to take advantage of their clients for personal and professional gain.. On March 23, 2023, the U.S. District Court for the Southern District of New York entered a final consent judgment against Martin Silver, the co-founder of International Investment Group (IIG), a formerly registered investment adviser, David Hu, 64, of West Orange, N.J., who in January 2021 pleaded guilty to investment adviser fraud, securities fraud, and wire fraud offenses, was sentenced on Monday by U.S. District Judge Alvin K. Hellerstein. Elon Musk's go-to Lawyer. Tr. 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. Authorities said IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. 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. A federal judge has sentenced the co-founder of a private debt adviser to 12 years in prison for a $100 million Ponzi scheme he launched to help his firm cover up bad The military court eventually convicted Martin on one count of mishandling classified information and one count of assault on a child. 2 0 obj IIG and, in turn, SILVER, 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. Please click here for further information. As alleged, the overvaluation of these assets resulted in the fund paying inflated fees to IIG, some of which went to Silver. The complaint further alleges that Silver falsely reported to investors that certain fake and overvalued loan assets, which IIG sold between funds it advised, were legitimate assets and fairly valued. Assistant U.S. U.S. Attorney Damian Williams said: David Hu shirked his fiduciary responsibilities and defrauded IIG funds and investors for more than a decade. IIG also advised the Venezuela Recovery Fund, a fund that managed the remaining assets of a failed Venezuelan bank. Or Small? To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. April 13, 2022 In March 2018, IIG reported to the SEC that it had approximately $373 million in assets under management. x|y@W=$ !!_ K %B(.,EPA@Vu T5ZRJiSS7J_}33_8{ Nq-3Vc]y;!T=aQGf/!A'4,\>)Qo%D|~~? dd1z>"IE'*(.y+gcEoqH/,o]_FaMlX;\ (AKH). 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). A foreign institutional investor provided $70 million as the seed investment for GTFF, and, later, $130 million as the seed investment for STFF. In addition to the 12 years of prison time, the judge also ordered Hu to serve three years of supervised release. 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. Inducing a retail mutual fund to invest in a fictitious $6 million loan. Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller are in charge of the prosecution. 1602-1605, 1749-53, 1783-86. CTRL + SPACE for auto-complete. 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. According to authorities, all three funds were marketed to institutional investors, including pension funds, hedge funds and insurers. The judge says: 12 years in jail. Jon Shazar Apr 12, 2022 Here is one way to describe what International Investment Groups David Hu did alongside his partner at Specifically, HU caused the creation of shell entities domiciled in Panama (Panamanian Shell Entities) that were controlled by an IIG nominee. JUDGMENT AS TO DEFENDANT MARTIN SILVER: The Securities and Exchange Commission having filed a Complaint and Defendant Martin Silver ("Defendant") having entered a general appearance; consented to the Court's jurisdiction over Defendant and the subject matter of this action; consented to entry of this Judgment; waived findings of fact and conclusions of law; and waived any right to appeal from this Judgment: 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). Jacqueline Sergeant. One St. Andrews Plaza - New York, NY 10007, Securities, Commodities, & Investment Fraud, James Margolin, Nicholas Biase P 54(b), there is no just reason for delay in the entry of Judgment. 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. In addition to a 12-year prison sentence, the ex-IIG head was ordered to serve three years of supervised release. 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. Tr. 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. Man found guilty of manslaughter, attempted first-degree murder Assistant U.S. In March 2018, IIG reported to the SEC that it had about $373 million in assets under management. 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. State of the US legal market . For her, integrity is everything. She previously worked as research analyst and editor at Lombardi Financial and has written for various websites including The Motley Fool, ValueWalk, IcannWiki and was a news writer/radio program producer at Nation Broadcasting Corporation. Specifically, HU caused the creation of shell entities domiciled in Panama (Panamanian Shell Entities) that were controlled by an IIG nominee. 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. The consent submitted will only be used for data processing originating from this website. USA Herald covers everything from breaking news to investigative journalism. 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). Making sure that victims of federal crimes are treated with compassion, fairness and respect. HU pled guilty in January 2021 to investment adviser fraud, securities fraud, and wire fraud offenses. . In addition to the prison sentence, HU, 64, of West Orange, New Jersey, was ordered to serve three years of supervised release. The former managing partner and chief investment officer of a New York-based investment advisory firm has been sentenced to 12 years in prison for his role in 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. IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. Mr. Williams praised the investigative work of the FBI and also thanked the U.S. Securities and Exchange Commission for its assistance. Hus lies caused millions of dollars of losses, he added. 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. Readers deserve to know that real story. 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. The complaint, filed in the U.S. District Court for the Southern District of New York, charges Silver with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. Victoria Bosah IIG purported to value the trade finance loans in the IIG Funds on a regular basis. 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). SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. Securities and Exchange Commission v. Silver. Mismarking the value of multiple loans that had, in reality, defaulted (the Defaulted Loans). . U.S. District Judge Alvin Hellerstein issued the sentence against Hu on Monday. 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. The overvaluation of the loan materially inflated the net asset value reported to TOF investors. According to the SEC's complaint, from October2013 to at least July 2018, Silver, defrauded IIG's investment advisory clients by, among other things, grossly overvaluing the assets in IIG's flagship hedge fund. Ms. Strauss praised the investigative work of the FBI and also thanked the SEC for its assistance. Advisory Firm Gets 12 Years For $120M Ponzi Scheme. 2023 USA Herald, LLC. 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). Here are some points for and against, LegalTech: Legal Documentation Automation, Clifford Chance Elect 32 New Partners and Move Closer To Female Equity. His sentence will be formally enforced following the conclusion of the forfeiture and restitution proceeding in the case. IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Manage Settings She strictly adheres to the ethical standards in journalism. IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. 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. These Distressed Loans included, for example, loans for which the borrowers had missed multiple scheduled payments. This case is being handled by the Offices Securities and Commodities Fraud Task Force. 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. US District Judge Alvin Hellerstein gave Silver a much shorter sentence than the 12-year term given to his co-conspirator, David Hu.The judge AI-powered legal analytics, workflow tools and premium legal & business news. In 2021, while silver made a slightly higher high at $30.35, the trading band was narrower as the years low was at $21.41. Leave a Comment / BigLaw Pay, Power Firms / By, Lawyer and legal consultant Emma Haywood, who produces the 4 Day Lawyer as a monthly newsletter, wrote recently for the NZ Law Gazette about the move towards the 4 day work week for lawyers. According to the 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. His sentencing is pending, Williams said. The U.S. Attorney said from about 2007 to 2019, Hu and co-conspirator Martin Silver, also a co-founder of IIG, engaged in the scheme that defrauded investors in IIG-managed funds by among other things, overvaluing distressed loans held by the IIG Funds; falsifying paperwork to create a series of fake loans that were classified, fraudulently, as positively performing loans, and to otherwise hide losses; selling overvalued and fake loans to a collateralized loan obligation trust and new private funds established and advised by IIG; and using the proceeds from those fraudulent sales to generate liquidity required to pay off earlier investors in a Ponzi-like manner.. man killed in henry county traffic accident, phillips funeral home obituaries eldon mo, what to put in candy dish besides candy,