martin silver sentencing

Trade finance loans are used by small and medium-sized companies, typically exporters and importers, to facilitate international trade. Throughout the course of more than 10 years, SILVER perpetrated the scheme by, among other fraudulent actions, creating fictitious investments and overvaluing investments used to generate funds to pay off earlier investors in a Ponzi-like manner. Hus lies caused millions of dollars of losses. Join Facebook to connect with Martin Silver and others you may know. 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. Subscribe to Justia's Free Newsletters featuring summaries of federal and state court opinions. Victoria Bosah 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. U.S. District Judge Alvin Hellerstein issued the sentence against Hu on Monday. IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. Marivic has been a freelance writer/journalist for nearly 20 years. Using the CLO Trust and Panamanian shell entities to cover up losses. The court also plans to impose restitution to victims and forfeiture of the proceeds. CTRL + SPACE for auto-complete. Land The Job You Want Using the 'Rule of 5', Are You Best Suited to Big Law . IIG purported to value the trade finance loans in its funds on a regular basis. In addition to the prison sentence, Hu, 64, of West Orange, New Jersey, was ordered to serve three years of supervised release, according to Williams. Trade finance loans are used by small and medium-sized companies, typically exporters and importers, to facilitate international trade. Marivic holds a BA in Mass Communications. HU was a managing partner and the chief investment officer of IIG. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. Sentencing before Judge Hellerstein has been scheduled for November 16, 2021, at 11:00 a.m. 2008-2023 - Shore News Media & Marketing Ltd. Co. All rights reserved. Unless otherwise stated, photos Big Stock Photography Dreamstime Photos Google Maps Thompson Reuters. Ex-Head of RIA Sentenced to 12 Years in Prison Over $120M Scam, News This Office was one of the districts affected by the SolarWinds intrusion. In this March 12, 2019 file photo, Martin Fox arrives at federal court in Boston to face charges in a national college admissions bribery scandal. IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. 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). WebMARTIN SILVER, Defendant. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. 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. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of New York and the Federal Bureau of Investigation. 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. Stephen Yang. A foreign institutional investor provided $70 million as the seed investment for GTFF, and, later, $130 million as the seed investment for STFF. IIG purported to value the trade finance loans in the IIG Funds on a regular basis. The Feb. 1 judgment resolved all the issues in this action, except the Commissions claims for monetary relief against Hu, the documents said. 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. 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. All defendants in crime reports are presumed innocent until proven guilty. Dont forget you can visit MyAlerts to manage your alerts at any time. Public Service Announcement on Sexual Assault in Public Housing. 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 connection with his plea agreement, SILVER has also agreed to cooperate with the Governments ongoing investigation. The SEC expected that, after Hus sentencing occurred, the parties would discuss a settlement of the Commissions claims for monetary relief. This case is being handled by the Offices Securities and Commodities Fraud Task Force. The scheme HU participated in involved, among other things: * * *. 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). 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). Asher Martin courtesy of State Attorneys Office. 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. Giving back to the community through a variety of venues & initiatives. 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. 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. Click here for information on the investigation into the Mount Vernon Police Department. Mr. Williams praised the investigative work of the FBI and also thanked the U.S. Securities and Exchange Commission for its assistance. 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. The managing partner of a New York City investment advisory firm was sentenced Monday to 12 years in prison for his role in a Ponzi scheme that defrauded investors out of more than $120 million. Assistant U.S. 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. Silver reaped about $4 million from a pair of illicit schemes that saw him convicted in two Manhattan Federal Court trials that ultimately got him a seven-year prison sentence. Mismarking the value of multiple loans that had, in reality, defaulted (the Defaulted Loans). Share & Print. Click here for information on the investigation into the Mount Vernon Police Department. 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. In one instance, when IIG learned that a South American coffee producer had defaulted on a $30 million loan by TOF, Hu and Silver, fearing if it was disclosed that existing investors would flee the fund and that ongoing fundraising efforts would suffer, knowingly incorrectly valued the loan at par plus accrued interest on the TOFs books. IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. . Martin Silver had co-founded investment advisory firm in 1994, Co-conspirator David Hu was sentenced to 12-year term in July. For her, integrity is everything. 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. The managing partner andchief investment officerof a former New York RIA firm who was arrested in 2020 has been sentenced to 12 years in prison for his role in a Ponzi-like scheme that defrauded his firms clients out of more than $120 million, according to Damian Williams, U.S. Attorney for the Southern District of New York. 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