On March 23, 2023, the U.S. District Court for the Southern District of New York entered a final consent judgment against Martin Silver, the co-founder of International Investment Group (IIG), a formerly registered investment adviser, enjoining him from violating the antifraud provisions of the federal securities laws.
According to the SEC’s complaint, from October 2013 to at least July 2018, Silver, defrauded IIG’s investment advisory clients by, among other things, grossly overvaluing the assets in IIG’s flagship hedge fund. As alleged, the overvaluation of these assets resulted in the fund paying inflated fees to IIG, some of which went to Silver.
The complaint further alleges that Silver falsely reported to investors that certain fake and overvalued loan assets, which IIG sold between funds it advised, were legitimate assets and fairly valued.
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