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Assistant U.S. Giving back to the community through a variety of venues & initiatives. 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). IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. 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. U.S. Attorney Damian Williams said: David Hu shirked his fiduciary responsibilities and defrauded IIG funds and investors for more than a decade. Investments in TOF, STFF, and GTFF were marketed by IIG to institutional investors, such as pension funds, hedge funds, and insurers. He admitted to operating a Ponzi-like scheme to steal money from IIG investment advisory fund clients and investors for ten years. Please click here for further information. From approximately 2007 to 2019, SILVER conspired to defraud investors in IIG-managed funds by: (i) overvaluing distressed loans held by the IIG Funds, (ii) falsifying paperwork to create a series of fake loans that were classified, fraudulently, as positively performing loans, and to otherwise hide losses, (iii) selling overvalued and fake loans to a collateralized loan obligation trust and new private funds established and advised by IIG, and (iv) using the proceeds from those fraudulent sales to generate liquidity required to pay off earlier investors in a Ponzi-like manner. Updated. 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. SILVER was a managing partner and the chief operating officer of IIG. Sentencing before Judge Hellerstein has been scheduled for November 16, 2021, at 11:00 a.m. SILVER was a managing partner and the chief operating officer of IIG. 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). Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. The consent submitted will only be used for data processing originating from this website. Stephen Yang. 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. 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). Please click here for further information. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that the Consent is incorporated herein with the same force and effect as if fully set forth herein, and that Defendant shall comply with all of the undertakings and agreements set forth therein. (AKH). WebThe documents, which lawyers for Silver have been fighting to keep under seal, will be released by 9 a.m. Friday and redacted in part to protect sensitive details about the people named in them. Manhattan U.S. Attorney Audrey Strauss said: Today, Martin Silver admitted to participating in a sophisticated, decade-long scheme to defraud IIG funds and investors, abandoning his fiduciary responsibilities to IIGs clients, and causing millions of dollars of losses. 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. Please try again. 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? HU was a managing partner and the chief investment officer of IIG. Mismarking the value of multiple loans that had, in reality, defaulted (the Defaulted Loans). Join Facebook to connect with Martin Silver and others you may know. 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). %PDF-1.6 U.S. District Judge Alvin Hellerstein issued the sentence against Hu on Monday. You are now logged in. Congrats! 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. Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller are in charge of the prosecution. NY Fund Manager Gets 13 Months for $100 Million Ponzi Fraud (1) Listen to free podcasts to get the info you need to solve business challenges! IIG also advised the Venezuela Recovery Fund, a fund that managed the remaining assets of a failed Venezuelan bank. 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. WebMartin Silver *6170 Citibank may transmit payment electronically to the Commission, which will provide detailed ACH transfer/Fedwire instructions upon request. H2 The court also plans to impose restitution to victims and forfeiture of the proceeds. 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. ------------------------------------------, Former Head Of N.Y. The military court eventually convicted Martin on one count of mishandling classified information and one count of assault on a child. 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. 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.. WebSilver pled guilty in April 2021. Or Small? 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. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain jurisdiction of this matter for the purposes of enforcing the terms of this Judgment. This Office was one of the districts affected by the SolarWinds intrusion. 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;\ Using a collateralized loan obligation trust (the CLO Trust) to create liquidity through investments in fraudulent loans. 1700-05, 1932-43; GX 1522. 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.

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