Fund Manager Gets 13 Months for $100 Million Ponzi-Scheme Theft in New York
- Martin Silver had co-founded investment advisory firm in 1994
- Co-conspirator David Hu was sentenced to 12-year term in July
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The co-founder of an investment advisory firm based in New York was sentenced Wednesday to 13 months behind bars for stealing more than $100 million from clients in a Ponzi-like scheme.
Martin Silver, 65, of New Jersey pleaded guilty in April, admitting that he conspired to defraud investors in funds managed by his firm, International Investment Group LLC, by overvaluing distressed loans and creating bogus documents and fake loans that were used to hide losses.