You are about to undo an edit. Please check the comparison below to verify that this is what you want to do, then publish the changes below to finish undoing the edit.
If you are undoing an edit that is not vandalism, explain the reason in the edit summary. Do not use the default message only.
| Latest revision | Your text | ||
| Line 1: | Line 1: | ||
{{short description|American financial institution |
{{short description|American financial institution}} |
||
{{Infobox company |
{{Infobox company |
||
| name = International Investment Group LLC |
| name = International Investment Group LLC |
||
| Line 19: | Line 19: | ||
}} |
}} |
||
'''International Investment Group''' ('''IIG''') is an American [[financial institution]] that specializes in [[Short-term trading|short-term trade]] finance and commercial finance with a focus on [[emerging markets]]. Through its affiliate ''IIG Capital'' it |
'''International Investment Group''' ('''IIG''') is an American [[financial institution]] that specializes in [[Short-term trading|short-term trade]] finance and commercial finance with a focus on [[emerging markets]]. Through its affiliate ''IIG Capital'' it is instrumental in providing financing to small and medium-sized merchants, traders and processors with a need for [[supply chain]] financing.<ref>{{Cite book | last =Blessing | first =Sona | title = Alternative Alternatives: Risk, Returns and Investment Strategy | publisher=Wiley Finance | year =2011 | page =125 | isbn = 978-0470683965}}</ref> |
||
David Hu (胡大韦 ''Hu Dawei''), cofounder of IIG Capital, served as its [[chief investment officer]] (CIO). In April 2022, Hu was sentenced to 12 years in prison for running a [[Ponzi scheme]], [[defrauding]] and scamming customers of more than $120 million. Moreover, Hu fabricated documents to hide his financial losses.<ref name=":0">{{Cite news |last=Dolmetsch |first=Chris |date=2022-04-11 |title=Investment Chief Gets 12 Years for Running $100 Million Scam |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-04-11/investment-chief-gets-12-years-for-running-100-million-scam |access-date=2023-03-06}}</ref><ref name=":2" /><ref name=":4">{{Cite web |title=NY Fund Manager Gets 13 Months for $100 Million Ponzi Fraud (1) |url=https://news.bloomberglaw.com/white-collar-and-criminal-law/fund-manager-gets-13-months-for-100-million-ponzi-scheme-theft |access-date=2023-03-06 |website=news.bloomberglaw.com |language=en}}</ref> Hu's partner Martin Silver was also found guilty of running the Ponzi scheme.<ref name=":0" /><ref name=":2">{{Cite web |date=2022-04-11 |title=Former Managing Partner Of Manhattan Investment Advisory Firm Sentenced To 12 Years For Defrauding Investors In An Over $120 Million Ponzi-Like Scheme |url=https://www.justice.gov/usao-sdny/pr/former-managing-partner-manhattan-investment-advisory-firm-sentenced-12-years |access-date=2023-03-06 |website=www.justice.gov |language=en}}</ref><ref>{{Cite news |title=Investment Chief Gets 12 Years for Running $100 Million Scam |language=en-US |work=Washington Post |url=https://www.washingtonpost.com/business/on-small-business/investment-chief-gets-12-years-for-running-100-million-scam/2022/04/11/a7bdb1da-b9c0-11ec-a92d-c763de818c21_story.html |access-date=2023-03-06 |issn=0190-8286}}</ref><ref name=":1">{{Cite web |last=Berman |first=Jeff |title=Ex-Head of RIA Sentenced to 12 Years in Prison Over $120M Scam |url=https://www.thinkadvisor.com/2022/04/14/ex-head-of-ria-sentenced-to-12-years-in-prison-over-120m-ponzi-like-scheme/ |access-date=2023-03-06 |website=ThinkAdvisor |language=en}}</ref> |
David Hu (胡大韦 ''Hu Dawei''), cofounder of IIG Capital, served as its [[chief investment officer]] (CIO). In April 2022, Hu was sentenced to 12 years in prison for running a [[Ponzi scheme]], [[defrauding]] and scamming customers of more than $120 million. Moreover, Hu fabricated documents to hide his financial losses.<ref name=":0">{{Cite news |last=Dolmetsch |first=Chris |date=2022-04-11 |title=Investment Chief Gets 12 Years for Running $100 Million Scam |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-04-11/investment-chief-gets-12-years-for-running-100-million-scam |access-date=2023-03-06}}</ref><ref name=":2" /><ref name=":4">{{Cite web |title=NY Fund Manager Gets 13 Months for $100 Million Ponzi Fraud (1) |url=https://news.bloomberglaw.com/white-collar-and-criminal-law/fund-manager-gets-13-months-for-100-million-ponzi-scheme-theft |access-date=2023-03-06 |website=news.bloomberglaw.com |language=en}}</ref> Hu's partner Martin Silver was also found guilty of running the Ponzi scheme.<ref name=":0" /><ref name=":2">{{Cite web |date=2022-04-11 |title=Former Managing Partner Of Manhattan Investment Advisory Firm Sentenced To 12 Years For Defrauding Investors In An Over $120 Million Ponzi-Like Scheme |url=https://www.justice.gov/usao-sdny/pr/former-managing-partner-manhattan-investment-advisory-firm-sentenced-12-years |access-date=2023-03-06 |website=www.justice.gov |language=en}}</ref><ref>{{Cite news |title=Investment Chief Gets 12 Years for Running $100 Million Scam |language=en-US |work=Washington Post |url=https://www.washingtonpost.com/business/on-small-business/investment-chief-gets-12-years-for-running-100-million-scam/2022/04/11/a7bdb1da-b9c0-11ec-a92d-c763de818c21_story.html |access-date=2023-03-06 |issn=0190-8286}}</ref><ref name=":1">{{Cite web |last=Berman |first=Jeff |title=Ex-Head of RIA Sentenced to 12 Years in Prison Over $120M Scam |url=https://www.thinkadvisor.com/2022/04/14/ex-head-of-ria-sentenced-to-12-years-in-prison-over-120m-ponzi-like-scheme/ |access-date=2023-03-06 |website=ThinkAdvisor |language=en}}</ref> |
||
| Line 26: | Line 26: | ||
== Founders == |
== Founders == |
||
The company was confounded by David Hu and Martin Silver.<ref name=":10">{{Cite news |date=2022-04-11 |title=Investment Chief Gets 12 Years for Running $100 Million Scam |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-04-11/investment-chief-gets-12-years-for-running-100-million-scam |access-date=2023-03-06}}</ref><ref name=":11">{{Cite web |last=Berman |first=Jeff |title=Ex-Head of RIA Sentenced to 12 Years in Prison Over $120M Scam |url=https://www.thinkadvisor.com/2022/04/14/ex-head-of-ria-sentenced-to-12-years-in-prison-over-120m-ponzi-like-scheme/ |access-date=2023-03-06 |website=ThinkAdvisor |language=en}}</ref> Hu served as its CIO and managing partner and held a 50% stake in IIG. Hu's main role was giving financial advice to clients while investing on their behalf.<ref name=":12" |
The company was confounded by David Hu and Martin Silver.<ref name=":10">{{Cite news |date=2022-04-11 |title=Investment Chief Gets 12 Years for Running $100 Million Scam |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-04-11/investment-chief-gets-12-years-for-running-100-million-scam |access-date=2023-03-06}}</ref><ref name=":11">{{Cite web |last=Berman |first=Jeff |title=Ex-Head of RIA Sentenced to 12 Years in Prison Over $120M Scam |url=https://www.thinkadvisor.com/2022/04/14/ex-head-of-ria-sentenced-to-12-years-in-prison-over-120m-ponzi-like-scheme/ |access-date=2023-03-06 |website=ThinkAdvisor |language=en}}</ref> Hu served as its CIO and managing partner and held a 50% stake in IIG. Hu's main role was giving financial advice to clients while investing on their behalf.<ref name=":12" /> |
||
|
From 1991 to 1993, David Hu worked at [[Nomura Securities|Nomura Securities International]]. From 1993 to 1994, Hu worked at [[Smith Barney]] (now part of [[Morgan Stanley]]). From March 1997 to February 2012, Hu worked at IIG Horizons Securities. Hu held securities licenses (Series 7, 24, 63) while working at these broker-dealers.<ref name=":12">{{Cite web |last=Berger |first=Marc P. |last2=Wadhwa |first2=Sanjay |last3=Pollock |first3=Sheldon L. |last4=Michael |first4=Daniel |last5=Nawaz |first5=Osman |last6=Fortino |first6=Philip A. |last7=Moilanen |first7=Lindsay S. |title=SECURITIES AND EXCHANGE COMMISSION, Plaintiff against DAVID HU, Defendant. |url=https://www.sec.gov/litigation/complaints/2020/comp-pr2020-157.pdf}}</ref> While at Nomura and Smith-Barney, Hu worked as a trader and managing director specializing in [[fixed income]], [[emerging markets]], and [[underwriting]]. Hu also worked at [[American Express]] trading debt from the [[Latin American debt crisis]] (LDC debt).<ref name=":13">{{Cite web |date=2015-03-13 |title=IIG Capital, LLC - David Hu |url=https://web.archive.org/web/20150313131637/http://iigcapital.com/our-team/managing-partners/david-hu.html |access-date=2023-04-19 |website=web.archive.org}}</ref> |
||
Hu held securities licenses (Series 7, 24, 63) while working at these broker-dealers.<ref name=":12" /> |
|||
Later David Hu was sentenced to 12 years in prison for running a scam and defrauding customers of over $120 million.<ref name=":10" /><ref name=":11" /> |
Later David Hu was sentenced to 12 years in prison for running a scam and defrauding customers of over $120 million.<ref name=":10" /><ref name=":11" /> |
||
=== Personal life === |
=== Personal life === |
||
Hu was 64 years old at the time of his sentencing in 2022. Hu lived in [[West Orange, New Jersey]], with his wife and two children.<ref name=":0" /><ref name=":9" /> Hu could speak [[Mandarin Chinese]], [[Cantonese]], [[Spanish language|Spanish]], and [[English language|English |
Hu was 64 years old at the time of his sentencing in 2022. Hu lived in [[West Orange, New Jersey]], with his wife and two children.<ref name=":0" /><ref name=":9" /> Hu could speak [[Mandarin Chinese]], [[Cantonese]], [[Spanish language|Spanish]], and [[English language|English]].<ref name=":13" /> |
||
== Background == |
== Background == |
||