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Line 1: {{short description|American financial institution that ran a Ponzi scheme}} {{Infobox company | name = International Investment Group LLC 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 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: == 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">{{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> From 1982 to 1987, Hu started his career at [[Mellon Financial|Mellon Bank]]. He then worked at [[American Express]] trading debt from the [[Latin American debt crisis]] (LDC debt). 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" /> 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 === 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 obtained his MBA from the [[Thunderbird School of Global Management]] (Arizona) and his [[bachelor's degree]] in civil engineering from [[Universidad de San Carlos de Guatemala]].<ref name=":13" /> == Background == | |||