SEC Revokes Registration of Adviser Engaged in $60 Million Fraud

The Securities and Exchange Commission today revoked the registration of New York-based investment adviser International Investment Group LLC (IIG), which the Commission recently charged with securities fraud for hiding losses in its flagship hedge fund and selling at least $60 million in fake loan assets to clients. The SEC's complaint, filed on Nov. 21, 2019, in federal court in New York, alleges that IIG grossly overstated the value of defaulted loans in the fund’s portfolio to conceal losses in its flagship hedge fund. In an effort to continue its deception, IIG allegedly doctored the firm's records to show that the defaulted loans had been repaid and that the proceeds had been used to make new loans, when in fact there had been no repayment and the purported new loans were fake.