martin silver sentencing

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. Assistant U.S. One St. Andrews Plaza - New York, NY 10007, Securities, Commodities, & Investment Fraud, James Margolin, Nicholas Biase Unless otherwise stated, photos Big Stock Photography Dreamstime Photos Google Maps Thompson Reuters. In addition to the prison sentence, Hu was ordered to serve three years of supervised release. 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. Continue with Recommended Cookies. Mismarking multiple loans that were distressed (the Distressed Loans). HU pled guilty in January 2021 to investment adviser fraud, securities fraud, and wire fraud offenses. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. The court said beginning in 2007, Hu and others engaged in various deceptive acts to cover up losses in its Trade Opportunities Fund (TOF). 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. Using a collateralized loan obligation trust (the CLO Trust) to create liquidity through investments in fraudulent loans. In January 2021, Hu pleaded guilty to investment adviser fraud, securities fraud, and wire fraud offenses. Assistant U.S. 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 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. 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, enjoining him from violating the antifraud provisions of the federal securities laws. HU pled guilty in January 2021 to investment adviser fraud, securities fraud, and wire fraud offenses. In addition to the 12 years of prison time, the judge also ordered Hu to serve three years of supervised release. Marivic holds a BA in Mass Communications. April 13, 2022 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. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. 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. % 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). 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;\ Skywatchers: Mays Full Flower Supermoon will be followed by a lunar South Carolina, Texas See New Mass Shootings. In March 2018, IIG reported to the SEC that it had about $373 million in assets under management. Hus lies caused millions of dollars of losses. 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.. Trade finance loans are used by small and medium-sized companies, typically exporters and importers, to facilitate international trade. A Florida man is facing life in prison after a jury took less than 15 minutes to find him guilty of murder and arson following a three-day trial. 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. Trade finance loans are used by small and medium-sized companies, typically exporters and importers, to facilitate international trade. Will AI End The Billable Hour? This case is being handled by the Offices Securities and Commodities Fraud Task Force. Click here for information on the investigation into the Mount Vernon Police Department. 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. According to authorities, all three funds were marketed to institutional investors, including pension funds, hedge funds and insurers. Specifically, in or about December 2012, IIG became an investment adviser to an open-ended mutual fund marketed to retail investors (the Retail Fund). In addition to the prison sentence, HU, 64, of West Orange, New Jersey, was ordered to serve three years of supervised release. Former Assembly Speaker Sheldon Silver was 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). Please try again. 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). 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. 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. Click here for information on the investigation into the Mount Vernon Police Department. My Office remains committed to policing investment advisers who seek to take advantage of their clients for personal and professional gain.. Attorneys representing Hu did not immediately respond to a request for comment on Thursday. 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. Its 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. It also claimed that its finance loans were secured by collateral, such as the underlying traded goods, assets held by the borrowers, or expected payments by third parties.. 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). . Todays sentence sends the message that brazen fraud does not pay and will be appropriately punished.. 1602-1605, 1749-53, 1783-86. The SEC expected that, after Hus sentencing occurred, the parties would discuss a settlement of the Commissions claims for monetary relief. 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). 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. The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. 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 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. Here are some points for and against, LegalTech: Legal Documentation Automation, Clifford Chance Elect 32 New Partners and Move Closer To Female Equity. IIG also advised the Venezuela Recovery Fund, a fund that managed the remaining assets of a failed Venezuelan bank. Dont forget you can visit MyAlerts to manage your alerts at any time. 2023 USA Herald, LLC. The sentencing judge, as the eyes and ears of the Rule of Law, is in the best position to fashion a fit and appropriate sentence. 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. Public Service Announcement on Sexual Assault in Public Housing. Latest from Department of Justice Press Releases, Rochester Man Who Fled Police Pleads Guilty To Gun Charge, Man Who Produced Child Pornography Going To Prison For 26 Years, Getzville Man Going To Prison For Threatening To Kill Police Officers, Kenmore Man Pleads Guilty To Fentanyl Charge, Statement From U.S. Attorney Jason M. Frierson On National Human Trafficking Prevention Month, Grand Junction Man Sentenced to Life in Federal Prison for Distribution of Fentanyl Resulting in Death, California-Based Company, Company President Plead Guilty in Scheme to Violate the Export Control Act, Man Sentenced for Three Richmond Armed Robberies, Henrico Man Pleads Guilty in $1.1 Million COVID-19 Fraud Scheme, Subway shed more U.S. sandwich shops in 2022 -document. U.S. District Judge Alvin Hellerstein issued the sentence against Hu on Monday. In that proceeding, Silver pleaded guilty and has been sentenced and ordered to pay restitution and forfeit assets. This Legal Leader Thinks So, 10 Steps for Lawyers to Streamline their BD Process, Best Trusts and Estates Law Firms: Top Picks for Your Legal Needs. His sentencing is pending, Williams said. 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. Martin Silver had co-founded investment advisory firm in 1994, Co-conspirator David Hu was sentenced to 12-year term in July. 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. 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. Defendant Martin Silver (Defendant) waives service of a summons and the complaint in this 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. Updated. His sentence will be formally enforced following the conclusion of the forfeiture and restitution proceeding in the case. 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. State of the US legal market . 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. The SEC also fileda complaint in the same court against Hu in 2020 over the scheme. 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. 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 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. New Zealand Law Salary Levels - Who Earns Most? 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. The scheme HU participated in involved, among other things: * * *. 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 $8.94 trading range was less than half the previous year. . IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. 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.

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