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Litigation Release No. 25028 / February 10, 2021
Securities and Exchange Commission v. David Hu, Civil Action No. 1:20-cv-05496 (S.D.N.Y. filed July 17, 2020)
On February 1, 2021, Judge Denise L. Cote of the U.S. District Court for the Southern District of New York entered a partial judgment against David Hu, the co-founder and chief investment officer of International Investment Group (IIG), a formerly registered investment adviser, enjoining Hu from violating the antifraud provisions of the federal securities laws. The Commission revoked IIG s registration in November 2019.
According to the SEC s complaint, from October 2013, Hu orchestrated multiple frauds on IIG s investment advisory clients. As alleged, Hu grossly overvalued the assets in IIG s flagship hedge fund, resulting in the fund paying inflated fees to IIG, some of which went to Hu personally. In addition, through IIG, Hu allegedly sold at least $60 million in fake trade finance loans to other investors and used
Litigation Release No. 24993 / December 22, 2020
Securities and Exchange Commission v. Charles Samel, Civil Action No. 1:20-cv-10769 (S.D.N.Y. filed December 21, 2020)
The Securities and Exchange Commission charged Charles Samel, a former consultant for former registered investment adviser International Investment Group LLC (IIG), for his role in an alleged fraud conducted by IIG to cover up tens of millions of dollars in investor losses on bad bets in order to keep its investment advisory business afloat.
As alleged in the SEC s complaint, Samel assisted IIG s principals in concealing the fraudulent nature of a loan asset in the fund s portfolio. The complaint alleges that when auditors asked questions about the prospects that the fake loan would be repaid, Samel helped prepare a sham agreement falsely documenting the sale of the fake loan by the fund. The sham agreement was allegedly provided to the auditors to resolve their concerns about the loan and, as a result, no issues