The Securities and Exchange Commission has partially settled charges against Martin Silver of Long Branch, New Jersey, in connection with a scheme to overvalue assets held in a hedge fund offered by his investment advisory firm, International Investment Group.
In November 2019, the SEC charged IIG with fraud and revoked its registration as an investment adviser.
According to the SEC's complaint, from October 2013 until at least July 2018, Silver, the co-founder and chief operating officer of IIG, defrauded its clients by “grossly overvaluing the assets in IIG's flagship hedge fund.” This resulted in the fund paying inflated fees to IIG, some of which went to Silver.
Silver, who is cooperating with the SEC, consented to a two-part settlement, agreeing to be permanently enjoined from violations of the charged provisions, with monetary relief in an amount to be determined by the court at a later date upon motion of the Commission.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
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