April 11, 2022

The former managing partner and chief investment officer of Manhattan-based International Investment Group (IIG) has been sentenced to 12 years in prison after being found guilty of defrauding IIG clients and investors of over $120 million.  David Hu had pled guilty in January 2021 to overvaluing distressed loans, creating fake loans to hide losses, selling overvalued and fake loans to a collateralized loan obligation trust, and using proceeds to pay earlier investors.  In addition to the prison sentence, he was also ordered to serve 3 years of supervised release, with a restitution order to be imposed at a later date.  USAO SDNY

Tagged in: Financial and Investment Fraud,