Silver sentencing WebRelease No. . IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. David Hu shirked his fiduciary responsibilities and defrauded IIG funds and investors for more than a decade, Williams said in a news release. 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. 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 defrauding clients and investors in a more than $120 million Ponzi scheme, according to the U.S. Attorney for the Southern District of New York. JUDGMENT AS TO DEFENDANT MARTIN SILVER: The Todays sentence sends the message that brazen fraud does not pay and will be appropriately punished.. Second Managing Partner Of New York-based Investment From approximately 2007 to 2019, HU 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. ------------------------------------------, Former Head Of N.Y. This case is being handled by the Offices Securities and Commodities Fraud Task Force. P 54(b), there is no just reason for delay in the entry of Judgment. FINAL JUDGMENT AS TO DEFENDANT Stephen Yang. 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. Former Managing Partner Of Manhattan Investment Advisory Firm
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