A final consent judgment, which includes payment of $35 million in disgorgement and prejudgment interest, has been filed against International Investment Group, a former registered investment adviser, which the Securities and Exchange Commission had charged with securities fraud for hiding losses and selling millions in fake loan assets to clients.
The SEC’s complaint, filed on Nov. 21, 2019, alleged that New York-based IIG grossly overstated the value of defaulted loans in its flagship fund to conceal losses. The SEC said that IIG later doctored the firm’s records to show that the defaulted loans had been repaid and that the proceeds had been used to make new loans, when no repayment had been made and the purported new loans were fake.
The SEC also alleged that IIG executives sought to raise money to meet investor redemptions and other liabilities by selling at least $60 million in fake trade finance loans to other clients, including a collateralized loan obligation, a retail mutual fund and two hedge funds. To do this, IIG created fake loan documentation, the SEC said in a release.
The SEC revoked IIG’s registration as an investment adviser on Nov. 26, 2019.
The bank's new training initiative aims to add hundreds of advisors as it expands its mass-affluent advice unit, according to Barron's.
The lawyers' group warns that adjudicating certain claims externally and limiting punitive damages, among other suggestions, could hurt investors.
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.
The wealth tech giant is unveiling its new offerings, designed for advisor productivity and client engagement, as investors and experts continue to grapple with the implications of AI.
Meanwhile, Merchant is continuing to expand its support for RIAs by partnering with a South Dakota-chartered trust company.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
