The Securities and Exchange Commission has charged David Hu, the co-founder and chief investment officer of International Investment Group, a former registered investment adviser based in New York City, with fraud for his role in a $60 million Ponzi-like scheme.
The SEC alleges that Hu orchestrated multiple frauds on IIG's investment advisory clients, grossly overvaluing the assets in IIG's flagship hedge fund, resulting in the fund paying inflated fees to IIG.
In addition, the SEC said that Hu allegedly sold at least $60 million in fake trade finance loans to other investors and used the proceeds to pay the redemption requests of earlier investors and other liabilities. The complaint alleges that Hu deceived IIG clients into purchasing these loans by directing others at IIG to create and provide to the clients fake loan documentation to substantiate the nonexistent loans, including fake promissory notes and forged credit agreements.
Last November, the SEC charged IIG with fraud and revoked its RIA registration.
In March, the SEC obtained a final judgment requiring IIG to pay more than $35 million in disgorgement and prejudgment interest.
For service-focused financial advisors who might take their well-being for granted, regular check-ins and active listening from the top can provide a powerful recharge.
With Parkworth Wealth Management and its Silicon Valley tech industry client base now onboard, Savant accelerates its vision of housing 10 to 12 specialty practices under its national RIA.
Meanwhile, $34 billion independent First Manhattan welcomed New Jersey-based Roanoke Asset Management, an RIA firm with more than 40 years of history.
Most notably, two chief compliance officers have also recently left the firm.
The latest team to join Cetera, led by a 29-year veteran professional, arrives with roughly $380 million in AUA from OSJ Private Advisor Group.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
