| Ponzi
Schemer David Hu Pled Guilty and Agreed to
Pay $129M Now 12 Year Sentence
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- ESPN
SDNY COURTHOUSE,
April 11 – David Hu was
charged with conspiracy to
commit investment adviser
fraud, securities fraud and
wire fraud in connection with
the Venezuela Recovery
Fund.
On January
28, 2021 U.S. District Court
for the Southern District of
New York Judge Alvin K. Heller
held a change of plea
proceeding. Inner City Press
covered it.
Hu agreed to
forfeit some $129 million.
His sentencing
was be pushed back to June, or
maybe long if his lawyer has
his way.
It was longer. It
was in April 2022 that 12
years were imposed: "DAVID HU,
former managing partner and
chief investment officer of
the Manhattan-based investment
advisory firm International
Investment Group (“IIG”), was
sentenced today to 12 years in
prison for his role in an over
$120 million scheme to defraud
IIG’s clients and
investors. HU pled
guilty in January 2021 to
investment adviser fraud,
securities fraud, and wire
fraud offenses. U.S.
District Judge Alvin K.
Hellerstein announced today’s
sentence, which will be
formally imposed following the
conclusion of forfeiture and
restitution proceedings in the
case."
The case is US v.
Hu, 20-cr-360 (Hellerstein)
***
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