IIG and, in turn, Hu, received a performance fee with respect to the IIG Funds, as well as a management fee, which was calculated as a percentage of the assets under management held in the Funds, the court said. In offering memoranda and communications with investors, IIG advertised strict risk controls, such as promises to use diligence to carefully select borrowers or issuers with trusted management and marketable assets, and portfolio concentration limits based on borrower, developing country, and industry. Investments in TOF, STFF, and GTFF were marketed by IIG to institutional investors, such as pension funds, hedge funds, and insurers. Sniper Silver, who cooperated with the SEC, consented to a bifurcated settlement, agreeing to be permanently enjoined from violations of the charged provisions, with monetary relief to be determined by the court at a later date upon motion of the Commission. WebView the profiles of people named Martin Silver. Manhattan U.S. Attorney Audrey Strauss said: Today, Martin Silver admitted to participating in a sophisticated, decade-long scheme to defraud IIG funds and investors, abandoning his fiduciary responsibilities to IIGs clients, and causing millions of dollars of losses. The court also announced it planned to impose restitution to victims and forfeiture of the proceeds of the offenses involved in the case, with the amounts to be determined at a later date. The SEC expected that, after Hus sentencing occurred, the parties would discuss a settlement of the Commissions claims for monetary relief. Former Managing Partner Of Manhattan Investment IIG advertised itself as specializing in global trade financing, particularly in providing trade finance loans to small and medium-sized businesses. According to the Information and based on statements made and documents filed in federal court in this case: HU and co-conspirator MARTIN SILVER founded IIG in 1994. Its purported expertise was in trade finance loans to borrowers located in Central or South America, and in a variety of industries, with a stated focus on soft commodities, such as coffee, agriculture, fishing. It also claimed that its finance loans were secured by collateral, such as the underlying traded goods, assets held by the borrowers, or expected payments by third parties..
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