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

I want to extend a tremendous thank you for your dedication, professionalism, hard work and patient demeanor through this challenging time. It was enjoyable interacting with everyone on your team, this certainly helped while dealing with the situation and working towards resolution.

Dan M.

LATEST NEWS AND ARTICLES

April 25, 2024
B. Riley Financial Clears Air Amid Allegations, Stock Surges

Amidst swirling speculation regarding its connections with a client linked to the Prophecy Asset Management collapse, B. Riley Financial Inc. has conducted an internal
review, concluding no affiliations with the defunct hedge fund.

April 24, 2024
RIA Insurance Claims Skyrocket

A recent analysis by Golsan Scruggs reveals a staggering 231 percent increase in errors-and-omissions (E&O) liability claims among registered investment advisor (RIA)
insurers.

April 23, 2024
Surge Predicted in Regulation Best Interest Cases

According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.