Litigation Release No. 25028 / February 10, 2021
Securities and Exchange Commission v. David Hu, Civil Action No. 1:20-cv-05496 (S.D.N.Y. filed July 17, 2020)
On February 1, 2021, Judge Denise L. Cote of the U.S. District Court for the Southern District of New York entered a partial judgment against David Hu, the co-founder and chief investment officer of International Investment Group (IIG), a formerly registered investment adviser, enjoining Hu from violating the antifraud provisions of the federal securities laws. The Commission revoked IIG s registration in November 2019.
According to the SEC s complaint, from October 2013, Hu orchestrated multiple frauds on IIG s investment advisory clients. As alleged, Hu grossly overvalued the assets in IIG s flagship hedge fund, resulting in the fund paying inflated fees to IIG, some of which went to Hu personally. In addition, through IIG, Hu allegedly sold at least $60 million in fake trade finance loans to other investors and used
Litigation Release No. 25023 / February 5, 2021
Securities and Exchange Commission v. Lev Parnas and David Correia, Civil Action No. 1:21-cv-995 (S.D.N.Y. filed February 4, 2021).
The Securities and Exchange Commission today charged Lev Parnas of Boca Raton, Florida and David Correia of West Palm Beach, Florida for raising millions of dollars from investors by making false and misleading representations and misappropriating the bulk of those funds to pay for personal expenses.
As alleged in the SEC s complaint, from January 2013 through mid-2019, Parnas and Correia raised over $2 million from investors through investments in their entity, Fraud Guarantee. According to the complaint, Parnas and Correia told potential investors that their funds would be used to develop products that would help customers recoup losses resulting from investment or consumer fraud. The complaint further alleges that despite Parnas s and Correia s representations, the funds were instead largely used fo
Marc Berger, who has served as acting director of the Division of Enforcement at the SEC for a few short weeks, will leave the agency later this month.
SEC Acting Enforcement Director Marc P. Berger To Depart The Commission Date
12/01/2021
The Securities and Exchange Commission today announced that Marc P. Berger, Acting Director of the Division of Enforcement, will conclude his tenure at the agency this month. Mr. Berger joined the Commission as Director of the New York Regional Office in December 2017 and was named Deputy Director of the Division of Enforcement in August 2020.
Under Mr. Berger s leadership, Enforcement staff pursued significant cases across the entire spectrum of the securities industry, with a focus on impactful and timely actions that protected investors and promoted market integrity. Mr. Berger focused on enhancing the efficiency and effectiveness of the Enforcement Division as well as the Division of Examinations programs in New York, better positioning the staff in both Divisions to address emerging threats and pursue misconduct. Mr. Berger prioritized the promotion of diversity and inclusion across
FOR IMMEDIATE RELEASE Washington D.C., Jan. 12, 2021
The Securities and Exchange Commission today announced that Marc P. Berger, Acting Director of the Division of Enforcement, will conclude his tenure at the agency this month. Mr. Berger joined the Commission as Director of the New York Regional Office in December 2017 and was named Deputy Director of the Division of Enforcement in August 2020.
Under Mr. Berger s leadership, Enforcement staff pursued significant cases across the entire spectrum of the securities industry, with a focus on impactful and timely actions that protected investors and promoted market integrity. Mr. Berger focused on enhancing the efficiency and effectiveness of the Enforcement Division as well as the Division of Examinations programs in New York, better positioning the staff in both Divisions to address emerging threats and pursue misconduct. Mr. Berger prioritized the promotion of diversity and inclusion across the Enforcement Div