Accounting and Auditing Enforcement Releases. Listen to free podcasts to get the info you need to solve business challenges! 1602-1605, 1749-53, 1783-86. Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. U.S. District Judge Alvin K. Hellerstein announced the sentence Monday and it will be formally imposed following the conclusion of forfeiture and restitution proceedings in the case, Williams said. One St. Andrews Plaza - New York, NY 10007, Nicholas Biase This case is being handled by the Offices Securities and Commodities Fraud Task Force. (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. Making sure that victims of federal crimes are treated with compassion, fairness and respect. In addition to the 12 years of prison time, the judge also ordered Hu to serve three years of supervised release. Your article was successfully shared with the contacts you provided. His accomplice, Malvo, was sentenced to life imprisonment without the possibility of parole. 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. 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. Please try again. Advisory Firm Gets 12 Years For $120M Ponzi Scheme. 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. Then, HU caused the CLO Trust to enter into fake loan transactions with the Panamanian Shell Entities. Tr. This case is being handled by the Offices Securities and Commodities Fraud Task Force. Then, HU caused the CLO Trust to enter into fake loan transactions with the Panamanian Shell Entities. Todays sentence sends the message that brazen fraud does not pay and will be appropriately punished.. The military court eventually convicted Martin on one count of mishandling classified information and one count of assault on a child. . 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. WebSilver pled guilty in April 2021. May 3, 2016 3:38pm. 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. . 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 ($285,000+ [], This guy provides the 'Rule of 5' for you to apply to get the job offers that let you actually choose the job you want. Trade finance loans are used by small and medium-sized companies, typically exporters and importers, to facilitate international trade. VOGr.n+>;UqbhD%bZ+3 &)oRMLxY*^7'=6,B-!Eg$X[FYr,-uM,OXYNZ^ly'[s.xkuuuuz]A}>wr CsO,;3Q+Fy~t|\:_rn[gt|z #X60m $$ $Xo~No]*gF>U]mzmW? Mr. Silver cut a diminished figure in court, staggering in a few minutes before his sentencing wearing a dark, loosely fitted suit, a blue surgical mask and a pair of clear, disposable vinyl gloves. Attorneys representing Hu did not immediately respond to a request for comment on Thursday. 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, In January 2021, Hu pleaded guilty to investment adviser fraud, securities fraud, and wire fraud offenses. IIG purported to value the trade finance loans in the IIG Funds on a regular basis. 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. sentenced Click here for information on the investigation into the Mount Vernon Police Department. Co-founder sentenced in evil valuation fraud Mismarking multiple loans that were distressed (the Distressed Loans). 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. So Ordered (Signed by Judge Denise L. Cote on 4/16/2021) (js). 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.
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