David Hu of International Investment Group Pleads Guilty to Defrauding Clients and Investors in $100 Million Ponzi-Like Scheme Posted on 02/03/2021 According to the press release, “Audrey Strauss, United States Attorney for the Southern District of New York, announced that DAVID HU, a managing partner and the chief investment officer of the New York-based investment advisory firm International Investment Group (“IIG”), pled guilty today before U.S. District Judge Alvin K. Hellerstein to investment adviser fraud, securities fraud, and wire fraud offenses in connection with an over $100 million scheme to defraud IIG’s investment advisory fund clients and investors. Throughout the course of more than 10 years, HU perpetrated the scheme by, among other fraudulent actions, creating fictitious investments and overvaluing investments used to generate funds to pay off earlier investors in a Ponzi-like manner. In connection with his plea agreement, HU has also agreed to forfeit more than $129 million representing proceeds traceable to the commission of the offenses.”