Attorneys representing Hu did not immediately respond to a request for comment on Thursday. sentenced Mismarking the value of multiple loans that had, in reality, defaulted (the Defaulted Loans). Second Investment Advisory Firm Manager Pleads Guilty In $100 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). Asher Martin courtesy of State Attorneys Office. CONSENT OF DEFENDANT MARTIN SILVER 1. Former Managing Partner Of Manhattan Investment Advisory Firm Trade finance loans are used by small and medium-sized companies, typically exporters and importers, to facilitate international trade. Mr. Williams praised the IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. 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. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia. According to the U.S. Attorneys Office for the Southern District of New York, Hu and his co-conspirator Martin Silver established IIG in 1994. Sentencing before Judge Hellerstein has been scheduled for November 16, 2021, at 11:00 a.m. . Trade finance loans are used by small and medium-sized companies, typically exporters and importers, to facilitate international trade. This case is being handled by the Offices Securities and Commodities Fraud Task Force. In addition to the 12 years of prison time, the judge also ordered Hu to serve three years of supervised release. 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 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. Victoria Bosah The final judgment orders disgorgement of $2,306,856, representing Silver's ill-gotten gains, and prejudgment interest of $243,403.98, and that disgorgement shall be deemed satisfied by the restitution order entered against him in the parallel criminal proceeding, United States v. Hu, et al., 20 Cr.
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