martin silver sentencing

All rights reserved. A federal judge has sentenced the co-founder of a private debt adviser to 12 years in prison for a $100 million Ponzi scheme he launched to help his firm cover up bad Investments in TOF, STFF, and GTFF were marketed by IIG to institutional investors, such as pension funds, hedge funds, and insurers. 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). (AKH). Hu co-founded the Manhattan-based International Investment Group (IIG) in 1994. Please click here for further information. IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. There was an error logging in. In connection with his plea agreement, SILVER has also agreed to cooperate with the Governments ongoing investigation. 1602-1605, 1749-53, 1783-86. Investments in TOF, STFF, and GTFF were marketed by IIG to institutional investors, such as pension funds, hedge funds, and insurers. 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. Creating fictitious loans in order to hide the losses resulting from the Defaulted Loans, including from auditors reviewing TOFs financials, by removing the Defaulted Loans from the TOF portfolio and replacing them with tens of millions of dollars in fictitious loans to purported borrowers in foreign countries (the Fake Loans). Generating liquidity by selling fraudulent loans to two new private IIG managed funds: GTFF and STFF. Tr. Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller are in charge of the prosecution. 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 release noted. 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). In addition to the 12 years of prison time, the judge also ordered Hu 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. Former IIG Managing Partner David Hu gets 12 years jail time for U.S. Attorneys Office for the Southern District of New York, CDC warns of meningococcal disease outbreak affecting gay, bisexual men in Florida, Chipotle Turns to Automation to Offset Staff Shortages, Skywatchers: Mays Full Flower Supermoon will be followed by a lunar eclipse, Rare 12-foot Sicklefin Devil ray spotted off US East Coast, Great Britain CMA stalemates Microsoft-Activision Blizzard deal. Former Assembly Speaker Sheldon Silver was WebView the profiles of people named Martin Silver. Generating liquidity by selling fraudulent loans to two new private IIG managed funds: GTFF and STFF. In this way, sentencing is a true partnership between the principles, which guide the judge, and the judges own sense of justice as see through the factual, legal and societal lens. FINAL JUDGMENT AS TO DEFENDANT We also report on politics on the State and National levels. Assistant U.S. WebMartin Silver *6170 Citibank may transmit payment electronically to the Commission, which will provide detailed ACH transfer/Fedwire instructions upon request. Using the CLO Trust and Panamanian shell entities to cover up losses. Damian Williams, United States Attorney for the Southern District of New York, announced that DAVID HU, former managing partner and chief investment officer of the Manhattan-based investment advisory firm International Investment Group (IIG), was sentenced today to 12 years in prison for his role in an over $120 million scheme to defraud IIGs clients and investors. Ms. Strauss praised the investigative work of the FBI and also thanked the SEC for its assistance. Sentencing to the Starting Point: The Alberta Debate sentenced 1700-05, 1932-43; GX 1522. 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. Inducing a retail mutual fund to invest in a fictitious $6 million loan. Log in to keep reading or access research tools. 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. These Distressed Loans included, for example, loans for which the borrowers had missed multiple scheduled payments. No portions of this website may be reproduced, retransmitted, copied, or republished without expressed written consent from Shore News Media & Marketing, LLC. Silver pleaded guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and is awaiting sentencing. 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. New Zealand Law Salary Levels - Who Earns Most? NY Fund Manager Gets 13 Months for $100 Million Ponzi Fraud (1) Mismarking multiple loans that were distressed (the Distressed Loans). 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. 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 Hus lies caused millions of dollars of losses. HU pled guilty in January 2021 to investment adviser fraud, securities fraud, and wire fraud offenses. 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 addition to a 12-year prison sentence, the ex-IIG head was ordered to serve three years of supervised release. Silver reaped about $4 million from a pair of illicit schemes that saw him convicted in two Manhattan Federal Court trials that ultimately got him a seven-year prison sentence. WebThe Department does not have current information on parolees, individuals sentenced to probation, or those who have only been arrested and are awaiting trial or sentencing (and have not yet been sentenced to a prison term). Mr. Williams praised 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). The night sky in May will be filled with exciting sights. USA Herald covers everything from breaking news to investigative journalism. One St. Andrews Plaza - New York, NY 10007, Securities, Commodities, & Investment Fraud, James Margolin, Nicholas Biase Write CSS OR LESS and hit save. . Silver personally signed off on rent regulation and 421-a tax abatement legislation. 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. Trending Stories - The biglaw salary scale . 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. These Distressed Loans included, for example, loans for which the borrowers had missed multiple scheduled payments. Martin Silver, 65, of New Jersey pleaded guilty in April, admitting that he conspired to defraud investors in funds managed by his firm, International Investment Investments in TOF, STFF, and GTFF were marketed by IIG to institutional investors, such as pension funds, hedge funds, and insurers. Your article was successfully shared with the contacts you provided. Marivic holds a BA in Mass Communications. She previously worked as research analyst and editor at Lombardi Financial and has written for various websites including The Motley Fool, ValueWalk, IcannWiki and was a news writer/radio program producer at Nation Broadcasting Corporation. Here are some points for and against, LegalTech: Legal Documentation Automation, Clifford Chance Elect 32 New Partners and Move Closer To Female Equity. 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. (212) 637-2600, Human Trafficking & Child Sexual Exploitation, Department of Justice Harassment Prevention Resource, Download Martin Silver superseding information. 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. So Ordered (Signed by Judge Denise L. Cote on 4/16/2021) (js). Advisory Firm Gets 12 Years For $120M Ponzi Scheme. Finally, under the guise of the fake loan transactions with the Panamanian Shell Entities, the CLO Trust disbursed funds that HU diverted to TOF in order to pay off TOFs various debts and obligations. In offering memoranda and communications with investors, IIG advertised strict risk controls, such as promises to use diligence to carefully select borrowers or issuers with trusted management and marketable assets, and portfolio concentration limits based on borrower, developing country, and industry. The amounts he must pay will be determined at a later date. April 14, 2022 at 04:43 PM Making sure that victims of federal crimes are treated with compassion, fairness and respect. Your exam is being submitted. Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller are in charge of the prosecution. On March 23, 2023, the U.S. District Court for the Southern District of New York entered a final consent judgment against Martin Silver, the co-founder of International Investment Group (IIG), a formerly registered investment adviser, x|y@W=$ !!_ K %B(.,EPA@Vu T5ZRJiSS7J_}33_8{ Nq-3Vc]y;!T=aQGf/!A'4,\>)Qo%D|~~? dd1z>"IE'*(.y+gcEoqH/,o]_FaMlX;\ In March 2018, IIG reported to the SEC that it had approximately $373 million in assets under management. In addition to the prison sentence, Hu was ordered to serve three years of supervised release. 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. Trade Financier Gets 12 Years For $129M Loan Fraud - Law360 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. US District Judge Alvin Hellerstein gave Silver a much shorter sentence than the 12-year term given to his co-conspirator, David Hu.The judge AI-powered legal analytics, workflow tools and premium legal & business news. 80b-6(1) and 80(b)-6 (2)], by, while acting as an investment adviser, using any means or instrumentalities of interstate commerce, or any means or instruments of transportation or communication in interstate commerce, or by the mails or any facility of any national securities exchange: As further set forth.

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