martin silver sentencing

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. Giving back to the community through a variety of venues & initiatives. 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. Stephen Yang. Land The Job You Want Using the 'Rule of 5', Are You Best Suited to Big Law . Trade finance loans are used by small and medium-sized companies, typically exporters and importers, to facilitate international trade. And the 'Rule [], Working for Big Law can be highly remunerative and create some major opportunities in terms of training and remuneration . 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. 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. 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. Convicted at his second trial, Silver was sentenced in 2018 to six and a half years in prison. He began serving his sentence in 2020, despite pleas from his lawyers about his health problems and the COVID-19 pandemic. Using the CLO Trust and Panamanian shell entities to cover up losses. May 3, 2016 3:38pm. 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 SEC also fileda complaint in the same court against Hu in 2020 over the scheme. Unless otherwise stated, photos Big Stock Photography Dreamstime Photos Google Maps Thompson Reuters. 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. The managing partner and chief investment officer of a former New York RIA firm who was arrested in 2020 has been sentenced to 12 years in prison for his role in a 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. 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. 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. A foreign institutional investor provided $70 million as the seed investment for GTFF, and, later, $130 million as the seed investment for STFF. Readers deserve to know that real story. IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. Are You Sure You Want to Refer Out All That 401(k) Business? In addition to the prison sentence, Hu was ordered to serve three years of supervised release. On Feb. 1, 2021, the court lifted the stay for the limited purpose of considering the parties motion for entry of a consent judgment against Hu partially resolving the case, and the court granted the motion that day, according to court documents. The court also plans to impose restitution to victims and forfeiture of the proceeds. U.S. Attorney Damian Williams said: David Hu shirked his fiduciary responsibilities and defrauded IIG funds and investors for more than a decade. Manage Settings New Zealand Law Salary Levels - Who Earns Most? For her, integrity is everything. All rights reserved. In 2021, while silver made a slightly higher high at $30.35, the trading band was narrower as the years low was at $21.41. 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. 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. 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). Get alerted any time new stories match your search criteria. 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. 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. In addition to the prison sentence, HU, 64, of West Orange, New Jersey, was ordered to serve three years of supervised release. As an investment adviser to the Retail Fund, IIG made investment recommendations, including recommendations that the Retail Fund invest in trade finance loans originated by IIG. WebMARTIN SILVER, Defendant. These Distressed Loans included, for example, loans for which the borrowers had missed multiple scheduled payments. 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. Your article was successfully shared with the contacts you provided. That includes an eclipse of a Full Flower Supermoon. She strictly adheres to the ethical standards in journalism. David Hu shirked his fiduciary responsibilities and defrauded IIG funds and investors for more than a decade, Williams said in a news release. IIG purported to value the trade finance loans in its funds on a regular basis. Jerry Lambe Oct 18th, 2021, 3:44 pm. 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. He admitted to operating a Ponzi-like scheme to steal money from IIG investment advisory fund clients and investors for ten years. 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. Sentencing before Judge Hellerstein has been scheduled for November 16, 2021, at 11:00 a.m. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia. His sentencing is pending, Williams said. One St. Andrews Plaza - New York, NY 10007, Nicholas Biase The co-founder of an investment advisory firm based in New York was sentenced Wednesday to 13 months behind bars for stealing more than $100 million from clients in a Ponzi-like scheme. U.S. District Judge Alvin K. Hellerstein announced the sentence Monday and it will be formally imposed following the conclusion of forfeiture and restitution proceedings in the case, Williams said. 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. We and our partners use cookies to Store and/or access information on a device. 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 . 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). . As an investment adviser to the Retail Fund, IIG made investment recommendations, including recommendations that the Retail Fund invest in trade finance loans originated by IIG. 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. 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The SEC previously charged IIG with fraud on November 21, 2019, and revoked IIG's registration as an investment adviser on November26, 2019. On March 30, 2020, the SEC obtained a final judgment on consent enjoining IIG from violating the antifraud provisions of the federal securities laws and requiring IIG to pay more than $35 million in disgorgement and prejudgment interest. Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller are in charge of the prosecution. In [], Manchester City 'hire 5,000-an-hour lawyer to fight Premier League charges', COLCHESTER, Conn., June 11, 2004 -LAWFUEL Scott + Scott, LLC, a Co, One of the longest running cases to affect the LMX reinsurance spira, 3 October LAWFUEL The Law News Network Ex-NFL star TIMMY SMITH, , June 17, 2004 LAWFUEL Skadden was ranked as the top corporat, Law firms take different approaches to in-office policies about in-office work, 4 Principals That Can Help Lawyers With The 4 Day Work Week. His sentence will be formally enforced following the conclusion of the forfeiture and restitution proceeding in the case. 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. . WebRelease No. According to authorities, all three funds were marketed to institutional investors, including pension funds, hedge funds and insurers. 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. It can be hard for any company to withstand a flurry of lawsuits, but for a restaurant chain like Long John Silver's, that litigation can be tough to recover from especially when the CALL IS COMING FROM INSIDE THE HOUSE. In March 2018, IIG reported to the SEC that it had about $373 million in assets under management. The judge says: 12 years in jail. Jon Shazar Apr 12, 2022 Here is one way to describe what International Investment Groups David Hu did alongside his partner at 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).

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