martin silver sentencing

Write CSS OR LESS and hit save. Second Investment Advisory Firm Manager Pleads Guilty In $100 Assistant U.S. Silver IIGs principal investment advisory strategy, including with respect to the IIG Funds, was investing in trade finance loans that it also originated. . 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). The scheme HU participated in involved, among other things: * * *. Assistant U.S. Using the CLO Trust and Panamanian shell entities to cover up losses. 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. Subscribe to Justia's Free Newsletters featuring summaries of federal and state court opinions. Private Foundations VS Donor-Advised Funds, Valuation, Fundamentals, Momentum: The Case for Mid-Cap Value Stocks. 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. 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. In that proceeding, Silver pleaded guilty and has been sentenced and ordered to pay restitution and forfeit assets. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. 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.. IIG purported to value the trade finance loans in the IIG Funds on a regular basis. In January 2021, Hu pleaded guilty to investment adviser fraud, securities fraud, and wire fraud offenses. Trade finance loans are used by small and medium-sized companies, typically exporters and importers, to facilitate international trade. Ms. Strauss praised the investigative work of the FBI and also thanked the SEC for its assistance. 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. Congrats! Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller are in charge of the prosecution. P 54(b), there is no just reason for delay in the entry of Judgment. 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 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. Silver personally signed off on rent regulation and 421-a tax abatement legislation. In addition, the proceeds from those fraudulent sales were used to generate liquidity required to pay off earlier investors in a Ponzi-like way, the Justice Department charged. 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. SILVER was a managing partner and the chief operating officer of IIG. 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. Share & Print. 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. In connection with his plea agreement, SILVER has also agreed to cooperate with the Governments ongoing investigation. Specifically, in or about December 2012, IIG became an investment adviser to an open-ended mutual fund marketed to retail investors (the Retail Fund). This case is being handled by the Offices Securities and Commodities Fraud Task Force. 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 view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. 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. They conspired to defraud IIG investors from approximately 2017 to 2019. IIG, it said, touted its risk control strategies and its robust credit review process for borrower. Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. The court also announced it planned to impose restitution to victims and forfeiture of the proceeds of the offenses involved in the case, with the amounts to be determined at a later date. USD basketball coach is sentenced in admissions scandal 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 court said beginning in 2007, Hu and others engaged in various deceptive acts to cover up losses in its Trade Opportunities Fund (TOF). 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. Former IIG Managing Partner David Hu gets 12 years jail time for From about 2007 to 2019, Hu conspired to defraud investors in IIG-managed funds, the Justice Department had alleged. In connection with his plea agreement, SILVER has also agreed to cooperate with the Governments ongoing investigation. 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 try again. First Name Email Address: His sentence will be formally enforced following the conclusion of the forfeiture and restitution proceeding in the case. A foreign institutional investor provided $70 million as the seed investment for GTFF, and, later, $130 million as the seed investment for STFF. HU caused the creation of fake promissory notes and other paperwork to conceal the fraudulent nature of the loans to the Panamanian Shell Entities. 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. 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). 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. Pursuant to Fed. WebMARTIN SILVER, Defendant. Ms. Strauss praised the investigative work of the FBI and also thanked the SEC for its assistance. Sniper 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). 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. In March 2018, IIG reported to the SEC that it had approximately $373 million in assets under management. That parallel case was stayed since Sept. 21, 2020, until the conclusion of the Justice Department criminal case. A foreign institutional investor provided $70 million as the seed investment for GTFF, and, later, $130 million as the seed investment for STFF. 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). 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. Giving back to the community through a variety of venues & initiatives. 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. This Office was one of the districts affected by the SolarWinds intrusion. In addition to the 12 years of prison time, the judge also ordered Hu to serve three years of supervised release. Using a collateralized loan obligation trust (the CLO Trust) to create liquidity through investments in fraudulent loans. Second Managing Partner Of Investment Advisory Firm Pleads 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. Former Managing Partner Of Manhattan Investment Advisory Firm Making sure that victims of federal crimes are treated with compassion, fairness and respect. 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. . Generating liquidity by selling fraudulent loans to two new private IIG managed funds: GTFF and STFF. Silver reaped about $4 million from a pair of illicit schemes that saw him convicted in two Manhattan Federal Court trials that ultimately got him a seven-year prison sentence. a};@_5,}V$dYOKl'[>r. VIII. David Hu, the former managing partner of International Investment Group (IIG) was sentenced to 12 years in prison for his role in defrauding investors of more than $120 million in a Ponzi-like scheme. WebMartin Silver *6170 Citibank may transmit payment electronically to the Commission, which will provide detailed ACH transfer/Fedwire instructions upon request. 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). Hus lies caused millions of dollars of losses. His sentencing is pending, Williams said. Click here for information on the investigation into the Mount Vernon Police Department. Then, HU caused the CLO Trust to enter into fake loan transactions with the Panamanian Shell Entities. SILVER pled guilty to investment adviser fraud, securities fraud, and wire fraud offenses in April 2021 and his sentencing is pending. 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. (212) 637-2600, Human Trafficking & Child Sexual Exploitation, Department of Justice Harassment Prevention Resource, Download Martin Silver superseding information. IIG purported to value the trade finance loans in the IIG Funds on a regular basis. The SEC's investigation was conducted by Lindsay Moilanen and Diego Brucculeri of the New York Regional Office, with assistance from Eli Bass of the Division of Examinations. 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. Advisory Firm Gets 12 Years For $120M Ponzi Scheme. Then, HU caused the CLO Trust to enter into fake loan transactions with the Panamanian Shell Entities. Attorneys Drew Skinner, Negar Tekeei, and Alex Rossmiller are in charge of the prosecution. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 360 (S.D.N.Y.) 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. American Airlines ex-pilot convicted in Kentucky 2015 triple murder David Hu, 64, of West Orange, N.J., who in January 2021 pleaded guilty to investment adviser fraud, securities fraud, and wire fraud offenses, was sentenced on Monday by U.S. District Judge Alvin K. Hellerstein. Stephen Yang. 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. . IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. 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). Leave a Comment / BigLaw Pay, Power Firms / By, Lawyer and legal consultant Emma Haywood, who produces the 4 Day Lawyer as a monthly newsletter, wrote recently for the NZ Law Gazette about the move towards the 4 day work week for lawyers. 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. The scheme HU participated in involved, among other things: * * *. Updated. Martin Silver had co-founded investment advisory firm in 1994, Co-conspirator David Hu was sentenced to 12-year term in July. He has not yet been sentenced. 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. R Civ. 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. Former Head Of N.Y. Advisor Sentenced To 12 Years In This Office was one of the districts affected by the SolarWinds intrusion. The litigation was handled by Ms. Moilanen. The matter was supervised by Sheldon L. Pollock and Osman Nawaz. . USA Herald covers everything from breaking news to investigative journalism. 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. Hu did that by: overvaluing distressed loans held by the IIG Funds; falsifying paperwork to create a series of fake loans that were fraudulently classified as positively performing loans; and selling overvalued and fake loans to a collateralized loan obligation trust and new private funds established and advised by IIG, according to the Justice Department. 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. Silver Man found guilty of manslaughter, attempted first-degree murder Hus lies caused millions of dollars of losses, he added. Litigation Releases Mr. Williams praised the investigative work of the FBI and also thanked the U.S. Securities and Exchange Commission for its assistance. Tr. 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. 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. State of the US legal market . 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). 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. Man found guilty of manslaughter, attempted first-degree murder 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. 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. U.S. Attorney Damian Williams said: David Hu shirked his fiduciary responsibilities and defrauded IIG funds and investors for more than a decade. 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. Specifically, HU caused the creation of shell entities domiciled in Panama (Panamanian Shell Entities) that were controlled by an IIG nominee. 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. they all need to be considered. Last year, a bunch of companies in the UK tried it out and found that they didnt lose any money using [], Salaries for New Zealand lawyers salary survey conducted by recruitment firm Nicholas Scott shows a slightly higher pay scale for Wellington lawyers over Auckland, with higher minimum levels at the commencement stages, although law firm equity partners shown in the survey have substantially higher annual earnings for Auckland partners compared to their capital counterparts ($285,000+ [], This guy provides the 'Rule of 5' for you to apply to get the job offers that let you actually choose the job you want.
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