Investment Firm Executive Admits to $100 Million Ponzi Scheme

Posted on April 30th, 2021 at 9:14 AM
Investment Firm Executive Admits to $100 Million Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

Martin Silver, former managing partner and chief operating officer (COO)  at New York’s International Investment Group (IIG), has pleaded guilty to securities fraud, investment advisor fraud, and wire fraud charges.

The charges stem from a scheme involving IIG’s institutional customers, consisting of pension funds, hedge funds, and insurers. The executives allegedly mismarked assets, created fake loans, and overvalued investments to carry out their $100 million fraud scheme. 

According to news sources, Silver admitted to participating in a decade-long scheme to defraud IIG funds and investors, abandoning his fiduciary responsibilities to IIG’s customers and causing millions of dollars of losses. Silver agreed to cooperate with the U.S government’s ongoing investigation as a part of his plea agreement. Earlier this year, IIG’s managing partner and chief investment officer, David Hu, pleaded guilty to various fraud charges. Hu agreed to forfeit US$129 million in connection with his plea deal and is due to be sentenced on June 17.

Eccleston Law LLC represents investors and financial advisors nationwide with Whistleblower claims. Please contact us to discuss any issues that you may have.

Tags: eccleston, eccleston law, ponzi scheme, IIG

Return to Archive

TESTIMONIALS

Previous
Next

You guys are good!

Mike L.

LATEST NEWS AND ARTICLES

May 17, 2024
Fidelity Advisor Files Lawsuit Alleging Wrongful Termination Over Whistleblowing

A former Fidelity Investments advisor, Michael Maeker, has initiated legal action against his former firm, alleging wrongful termination in response to his reporting of anti-investor sales tactics.

May 16, 2024
CFTC Investigates Banks for Potential Whistleblower Suppression

The Commodity Futures Trading Commission (CFTC) has initiated inquiries into several banks, including JPMorgan Chase, Bank of America, and Citigroup, regarding potentially hindering whistleblowers from disclosing information, as reported by Bloomberg News.

 

May 15, 2024
NFA Issues Order Against 50.ai Investments LLC

The National Futures Association's (NFA) Business Conduct Committee (BCC) has taken action against 50.ai Investments LLC, a former NFA Member commodity pool operator and forex firm, for violating multiple NFA compliance rules.