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Ponzi Schemer David Hu Pled Guilty and Agreed to Pay $129M Now 12 Year Sentence

By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - ESPN

SDNY COURTHOUSE, April 11 – David Hu was charged with conspiracy to commit investment adviser fraud, securities fraud and wire fraud in connection with the Venezuela Recovery Fund.   

 On January 28, 2021 U.S. District Court for the Southern District of New York Judge Alvin K. Heller held a change of plea proceeding. Inner City Press covered it.  

Hu agreed to forfeit some $129 million.

His sentencing was be pushed back to June, or maybe long if his lawyer has his way.

It was longer. It was in April 2022 that 12 years were imposed: "DAVID HU, former managing partner and chief investment officer of the Manhattan-based investment advisory firm International Investment Group (“IIG”), was sentenced today to 12 years in prison for his role in an over $120 million scheme to defraud IIG’s clients and investors.  HU pled guilty in January 2021 to investment adviser fraud, securities fraud, and wire fraud offenses.  U.S. District Judge Alvin K. Hellerstein announced today’s sentence, which will be formally imposed following the conclusion of forfeiture and restitution proceedings in the case." 

The case is US v. Hu, 20-cr-360 (Hellerstein)


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