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. The overvaluation of the loan materially inflated the net asset value reported to TOF investors. No portions of this website may be reproduced, retransmitted, copied, or republished without expressed written consent from Shore News Media & Marketing, LLC. 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 Legal marketing tips for 2023 . Specifically, in or about December 2012, IIG became an investment adviser to an open-ended mutual fund marketed to retail investors (the Retail Fund). The SEC also fileda complaint in the same court against Hu in 2020 over the scheme. Making sure that victims of federal crimes are treated with compassion, fairness and respect. 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 $100 million scheme to defraud IIGs investment advisory fund clients and investors. VOGr.n+>;UqbhD%bZ+3 &)oRMLxY*^7'=6,B-!Eg$X[FYr,-uM,OXYNZ^ly'[s.xkuuuuz]A}>wr CsO,;3Q+Fy~t|\:_rn[gt|z #X60m $$ $Xo~No]*gF>U]mzmW? According to the Information and based on statements made and documents filed in federal court in this case: HU and co-conspirator MARTIN SILVER founded IIG in 1994. Venus and Jupiter begin the We are The People's Media. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. <>stream SILVER was a managing partner and the chief operating officer of IIG. 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. Smiley Martin has a criminal history dating back to 2013, including his most recent sentencing in 2018 to 10 years in prison for domestic violence and assault with great bodily injury. Trade finance loans are used by small and medium-sized companies, typically exporters and importers, to facilitate international trade. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. 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. 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. IIG purported to value the trade finance loans in the IIG Funds on a regular basis. Subscribe to Justia's Free Newsletters featuring summaries of federal and state court opinions. The SEC expected that, after Hus sentencing occurred, the parties would discuss a settlement of the Commissions claims for monetary relief. Marivic has been a freelance writer/journalist for nearly 20 years. 1700-05, 1932-43; GX 1522. Mr. Williams praised 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. . This case is being handled by the Offices Securities and Commodities Fraud Task Force. In addition to the prison sentence, Hu was ordered to serve three years of supervised release. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. 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). An example of data being processed may be a unique identifier stored in a cookie. HU caused the creation of fake promissory notes and other paperwork to conceal the fraudulent nature of the loans to the Panamanian Shell Entities. His accomplice, Malvo, was sentenced to life imprisonment without the possibility of parole. HU then directed that the proceeds from the fraudulently induced New Loan be transferred into Borrower-1s account, effectively reimbursing the account for the earlier $6 million transfer to the Retail Fund. 2008-2023 - Shore News Media & Marketing Ltd. Co. All rights reserved. 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. Hu and Silvers Ponzi-like scheme involved overvaluing distressed loans held by IIG funds, falsifying documents to create a series of fake loans that were classified as performing, 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. 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. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. His sentencing is pending, Williams said. Silver pleaded guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and is awaiting sentencing. The amounts he must pay will be determined at a later date. In March 2018, IIG reported to the SEC that it had approximately $373 million in assets under management. WebMartin Silver *6170 Citibank may transmit payment electronically to the Commission, which will provide detailed ACH transfer/Fedwire instructions upon request. 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. Ms. Strauss praised the investigative work of the FBI and also thanked the SEC for its assistance. Specifically, HU caused the creation of shell entities domiciled in Panama (Panamanian Shell Entities) that were controlled by an IIG nominee. IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. they all need to be considered. These Distressed Loans included, for example, loans for which the borrowers had missed multiple scheduled payments. IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. IIG purported to value the trade finance loans in the IIG Funds on a regular basis. Private Foundations VS Donor-Advised Funds, Valuation, Fundamentals, Momentum: The Case for Mid-Cap Value Stocks. 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. 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. IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. 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. _2J++IWLWbh?gQ?}^\u{MbAJ Investments in TOF, STFF, and GTFF were marketed by IIG to institutional investors, such as pension funds, hedge funds, and insurers. Mr. Williams praised the investigative work of the FBI and also thanked the U.S. Securities and Exchange Commission for its assistance. Assistant U.S. Continue with Recommended Cookies. A foreign institutional investor provided $70 million as the seed investment for GTFF, and, later, $130 million as the seed investment for STFF. 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 Sheldon Silver arrives at Manhattan federal court on Tuesday. From about 2007 to 2019, Hu conspired to defraud investors in IIG-managed funds, the Justice Department had alleged. P 54(b), there is no just reason for delay in the entry of Judgment. Mismarking multiple loans that were distressed (the Distressed Loans). Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller are in charge of the prosecution. 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. 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 SEC-registered investment adviser provided investment management and advisory services, including for three private funds that it operated: the IIG Trade Opportunities Fund N.V., the IIG Global Trade Finance Fund, Ltd., and the IIG Structured Trade Finance Fund, Ltd. 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. Click here to report information on Amazon warehouses. SanctuaryWealth Picks Up $1B Advisory Team From Merrill, Friend of Warren Buffett Unpacks His Investing Wisdom, Cetera Adds Direct, Custom Indexing to Advisory Platform, 9 Trends That Sum Up the State of RIAs: Cerulli, Wells Fargo Appeals Arb Ruling Struck Down in Court. . Will AI End The Billable Hour? The military court eventually convicted Martin on one count of mishandling classified information and one count of assault on a child. 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. The court said beginning in 2007, Hu and others engaged in various deceptive acts to cover up losses in its Trade Opportunities Fund (TOF). CTRL + SPACE for auto-complete. Ms. Strauss praised the investigative work of the FBI and also thanked the SEC for its assistance. My Office remains committed to policing investment advisers who seek to take advantage of their clients for personal and professional gain.. All defendants in crime reports are presumed innocent until proven guilty. Hu mismarked millions of dollars of loan assets, falsified paperwork to create fake loans, sold overvalued and fake loans, used the proceeds from those sales to pay off earlier investors, and falsified paperwork to deceive auditors and avoid scrutiny. One St. Andrews Plaza - New York, NY 10007, Securities, Commodities, & Investment Fraud, James Margolin, Nicholas Biase Using a collateralized loan obligation trust (the CLO Trust) to create liquidity through investments in fraudulent loans. 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..
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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. The overvaluation of the loan materially inflated the net asset value reported to TOF investors. No portions of this website may be reproduced, retransmitted, copied, or republished without expressed written consent from Shore News Media & Marketing, LLC. 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 Legal marketing tips for 2023 . Specifically, in or about December 2012, IIG became an investment adviser to an open-ended mutual fund marketed to retail investors (the Retail Fund). The SEC also fileda complaint in the same court against Hu in 2020 over the scheme. Making sure that victims of federal crimes are treated with compassion, fairness and respect. 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. 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? According to the Information and based on statements made and documents filed in federal court in this case: HU and co-conspirator MARTIN SILVER founded IIG in 1994. Venus and Jupiter begin the We are The People's Media. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. <>stream SILVER was a managing partner and the chief operating officer of IIG. 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. Smiley Martin has a criminal history dating back to 2013, including his most recent sentencing in 2018 to 10 years in prison for domestic violence and assault with great bodily injury. Trade finance loans are used by small and medium-sized companies, typically exporters and importers, to facilitate international trade. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. 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. 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. IIG purported to value the trade finance loans in the IIG Funds on a regular basis. Subscribe to Justia's Free Newsletters featuring summaries of federal and state court opinions. The SEC expected that, after Hus sentencing occurred, the parties would discuss a settlement of the Commissions claims for monetary relief. Marivic has been a freelance writer/journalist for nearly 20 years. 1700-05, 1932-43; GX 1522. Mr. Williams praised 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. . This case is being handled by the Offices Securities and Commodities Fraud Task Force. In addition to the prison sentence, Hu was ordered to serve three years of supervised release. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. 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). An example of data being processed may be a unique identifier stored in a cookie. HU caused the creation of fake promissory notes and other paperwork to conceal the fraudulent nature of the loans to the Panamanian Shell Entities. His accomplice, Malvo, was sentenced to life imprisonment without the possibility of parole. HU then directed that the proceeds from the fraudulently induced New Loan be transferred into Borrower-1s account, effectively reimbursing the account for the earlier $6 million transfer to the Retail Fund. 2008-2023 - Shore News Media & Marketing Ltd. Co. All rights reserved. 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. Hu and Silvers Ponzi-like scheme involved overvaluing distressed loans held by IIG funds, falsifying documents to create a series of fake loans that were classified as performing, 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. 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. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. His sentencing is pending, Williams said. Silver pleaded guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and is awaiting sentencing. The amounts he must pay will be determined at a later date. In March 2018, IIG reported to the SEC that it had approximately $373 million in assets under management. WebMartin Silver *6170 Citibank may transmit payment electronically to the Commission, which will provide detailed ACH transfer/Fedwire instructions upon request. 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. Ms. Strauss praised the investigative work of the FBI and also thanked the SEC for its assistance. Specifically, HU caused the creation of shell entities domiciled in Panama (Panamanian Shell Entities) that were controlled by an IIG nominee. IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. they all need to be considered. These Distressed Loans included, for example, loans for which the borrowers had missed multiple scheduled payments. IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. IIG purported to value the trade finance loans in the IIG Funds on a regular basis. Private Foundations VS Donor-Advised Funds, Valuation, Fundamentals, Momentum: The Case for Mid-Cap Value Stocks. 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. 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. IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. 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. _2J++IWLWbh?gQ?}^\u{MbAJ Investments in TOF, STFF, and GTFF were marketed by IIG to institutional investors, such as pension funds, hedge funds, and insurers. Mr. Williams praised the investigative work of the FBI and also thanked the U.S. Securities and Exchange Commission for its assistance. Assistant U.S. Continue with Recommended Cookies. A foreign institutional investor provided $70 million as the seed investment for GTFF, and, later, $130 million as the seed investment for STFF. 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 Sheldon Silver arrives at Manhattan federal court on Tuesday. From about 2007 to 2019, Hu conspired to defraud investors in IIG-managed funds, the Justice Department had alleged. P 54(b), there is no just reason for delay in the entry of Judgment. Mismarking multiple loans that were distressed (the Distressed Loans). Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller are in charge of the prosecution. 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. 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 SEC-registered investment adviser provided investment management and advisory services, including for three private funds that it operated: the IIG Trade Opportunities Fund N.V., the IIG Global Trade Finance Fund, Ltd., and the IIG Structured Trade Finance Fund, Ltd. 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. Click here to report information on Amazon warehouses. SanctuaryWealth Picks Up $1B Advisory Team From Merrill, Friend of Warren Buffett Unpacks His Investing Wisdom, Cetera Adds Direct, Custom Indexing to Advisory Platform, 9 Trends That Sum Up the State of RIAs: Cerulli, Wells Fargo Appeals Arb Ruling Struck Down in Court. . Will AI End The Billable Hour? The military court eventually convicted Martin on one count of mishandling classified information and one count of assault on a child. 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. The court said beginning in 2007, Hu and others engaged in various deceptive acts to cover up losses in its Trade Opportunities Fund (TOF). CTRL + SPACE for auto-complete. Ms. Strauss praised the investigative work of the FBI and also thanked the SEC for its assistance. My Office remains committed to policing investment advisers who seek to take advantage of their clients for personal and professional gain.. All defendants in crime reports are presumed innocent until proven guilty. Hu mismarked millions of dollars of loan assets, falsified paperwork to create fake loans, sold overvalued and fake loans, used the proceeds from those sales to pay off earlier investors, and falsified paperwork to deceive auditors and avoid scrutiny. One St. Andrews Plaza - New York, NY 10007, Securities, Commodities, & Investment Fraud, James Margolin, Nicholas Biase
Using a collateralized loan obligation trust (the CLO Trust) to create liquidity through investments in fraudulent loans. 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.. Cookie Run Gacha Simulator,
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