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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 t...

FOR IMMEDIATE RELEASE Washington D.C., Feb. 1, 2021 — The Securities and Exchange Commission today charged three individuals with defrauding hundreds of retail investors out of more than $11 million through two fraudulent and unregistered digital asset securities offerings. According to the SEC's complaint, filed in U.S. District Court for the Eastern District of New York, from approximately December 2017 through May 2018, Kristijan Krstic, founder of Start Options and Bitcoiin2Gen, and John DeMarr, the primary U.S.-based promoter for these companies, fraudulently induce...

Litigation Release No. 24993 / December 22, 2020 Securities and Exchange Commission v. Charles Samel, Civil Action No. 1:20-cv-10769 (S.D.N.Y. filed December 21, 2020) The Securities and Exchange Commission charged Charles Samel, a former consultant for former registered investment adviser International Investment Group LLC (IIG), for his role in an alleged fraud conducted by IIG to cover up tens of millions of dollars in investor losses on bad bets in order to keep its investment advisory business afloat. As alleged in the SEC's complaint, Samel assisted IIG's principals in concealing the fr...