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Investment adviser David Hu accused of US$100M Ponzi plot – BNN

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4 years ago

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The managing partner of an investment firm that specializes in trade-finance lending was charged with carrying out what the U.S. described as a Ponzi scheme of more than US$100 million based on overvalued loans and faked assets.

David Hu, of International Investment Group, was arrested Friday in New York and accused of covering up his plot for more than 10 years with falsified paperwork and fake entities.

“David Hu directed a multimillion-dollar, years-long scheme to defraud investors,” Acting U.S. Attorney Audrey Strauss said in a press release. “Putting profit ahead of his fiduciary duties, Hu allegedly mismarked millions of dollars of loan assets to cover up millions in losses.”

Hu’s lawyer, Barry Bohrer, didn’t immediately return an email seeking comment. Hu, 62, appeared in court on Friday and was released on a US$500,000 bond.

Hu and an unidentified co-conspirator founded International Investment Group in 1994. The firm specialized in providing financing to small and medium-sized exporters and importers operating in Central and South America, according to the government.

The company agreed to pay US$35 million in March to settle fraud charges brought by the U.S. Securities and Exchange Commission.

Hu, who lives in West Orange, New Jersey, cheated investors by overvaluing distressed loans held by the funds and falsifying documents to create fake loans that were portrayed as performing positively, the U.S. said.

He conspired to sell the loans to a trust and to new funds created by the firm, and then used the proceeds to pay off earlier investors, they said.

Prosecutors didn’t specify the number of victims of the alleged fraud.

The case is U.S. v Hu, U.S. District Court, Southern District of New York (Manhattan).

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

2 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

1 week ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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