Trade Financier Charged In NY, Denies $100M Fraud Rap

Law360, New York (July 17, 2020, 3:04 PM EDT) -- A New Jersey man who co-founded trade financing firm International Investment Group denied Manhattan fraud charges on Friday after the feds arrested him for an alleged $100 million scheme to inflate loan asset values and create fake loans to make his balance sheet look better.

David Hu, 60, of West Orange entered a not guilty plea and was released on $500,000 bond after a teleconference arraignment before U.S. Magistrate Judge Robert W. Lehrburger. His case will be overseen by U.S. District Judge Alvin K. Hellerstein.

Hu and his IIG co-founder, referred to as co-conspirator 1 by federal prosecutors, used money raised...

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