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Morningstar Credit Ratings LLC (Release No LR-25030; Feb 17, 2021)
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SEC gov | SEC Charges Ratings Agency With Disclosure And Internal Controls Failures Relating To Undisclosed Model Adjustments
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SEC Charges Ratings Agency With Disclosure And Internal Controls Failures Relating To Undisclosed Model Adjustments
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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
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SEC Fines Investment Adviser $170 Million for Multiple Disclosure Failures. UK-based investment adviser BlueCrest Capital Management Limited (BlueCrest) recently agreed to return $170 million to former investors to settle charges levied by the SEC involving disclosure failures, material misstatements, and misleading omissions. The SEC found that BlueCrest quietly transferred its top traders from its flagship client fund, BlueCrest Capital International (BCI), to an internal fund and left trading for the client fund in the hands of a trading algorithm that was set up to replicate some of the trading activity of BlueCrest’s live traders. Unfortunately for BCI investors, the algorithm, by and large, underperformed and resulted in inferior returns.