Judge Denies Firms’ Request for Funds from International Investment Group Judgment

Posted on June 9th, 2020 at 3:42 PM
Judge Denies Firms’ Request for Funds from International Investment Group Judgment

From the Desk of Jim Eccleston at Eccleston Law LLC:

In March, a federal judge entered a final judgement in a case brought by the U.S. Securities and Exchange Commission (“SEC”) against International Investment Group LLC (“IIG”). According to the SEC, IIG doctored loan records and inflated the value of defaulted loans. The SEC also alleged that IIG sold $60 million in fake loans to cover up losses in its flagship hedge fund. The judgement ordered IIG to pay $30.9 million in disgorgement and $4.3 million in prejudgment interest, which has since been paid by IIG.

Following the entry of the final judgment, three investment firms filed a request to recoup $4.3 million from IIG. The firms, IIG Structured Trade Finance Find Ltd., IIG Global Trade Finance Fund Ltd., and Trilinc Global Impact Fund, alleged that they were defrauded by IIG and were entitled to $4.2 million of the final judgment entered against IIG.  The judge rejected the request from the three financial firms, and rejected the firms’ argument that the Court had ancillary jurisdiction over their request.  The judge did observe that there were other lawsuits related to IIG assets, and suggested that those cases may be a more appropriate forum for litigating entitlement to funds.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: eccleston, eccleston law, james eccleston, international investment group, sec, request for funds

Return to Archive

TESTIMONIALS

Previous
Next

If you are being bothered by the Regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

September 20, 2023
SEC Orders Legendary Capital Founder and REIT Advisors to Pay Nearly $5 Million

Corey Maple, co-founder of non-traded REIT sponsor Legendary Capital, has agreed to a $100,000 civil penalty to settle charges brought by the Securities and Exchange Commission (SEC).

September 19, 2023
Reg BI Violations Lead to FINRA's Fine on Another Broker-Dealer

The Financial Industry Regulatory Authority (FINRA) has fined and censured broker-dealer Network 1 Financial Securities and its chief compliance officer for violating Regulation Best Interest (Reg BI).

September 18, 2023
Troubles at an Arizona Park Funded by Municipal Bonds Are a Warning to Investors

The recent financial troubles at a sports arena in Mesa, Arizona, demonstrate that not all municipal bonds are equally safe.